Excise duty hiked on petrol, diesel

December 16, 2015 12:00

The government today increased excise duty on petrol by Rs 0.30 per litre and by Rs 1.17 a litre on diesel to make use of the slump in oil prices to garner 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.

After including additional and special excise duty, the total levy on unbranded petrol will be Rs 19.36 per litre as against Rs 19.06 currently.

Similarly, on unbranded or normal diesel, total excise duty after including special excise duty will be Rs 11.83 per litre as compared to Rs 10.66 now.

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. The government had on November 7 raised excise duty on petrol by Rs 1.60 per litre and on diesel by 30 paise a litre.

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