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Government hikes excise duty on petrol, diesel
Posted on: 16-12-2015 , 01:44:PM | DY365 Bureau

Dec 16, 2015- The government on Wednesday increased excise duty on petrol by Rs 0.30 per litre and by Rs 1.17 a litre on diesel to make use of fall in oil prices to gain an additional Rs 2,500 crore.
Basic excise duty on unbranded petrol has been increased from Rs 7.06 per litre to Rs 7.36 and the same on unbranded diesel from Rs 4.66 to Rs 5.83 per litre.
Finance minister Arun Jaitley said the increase in duty will yield an additional Rs 2,500 crore in revenue during the remainder of the 2015-16 fiscal which ends on March 31, 2016. Basic excise duty on branded petrol has been raised from Rs 8.24 per litre to Rs 8.54 a litre and the same on branded diesel from Rs 7.02 to Rs 8.19 per litre. This is the second increase in excise duty in less than six weeks. In anticipation of the hike, oil companies on Wednesday announced decrease in petrol price by just 50 paise a litre and by 46 paise on diesel.



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