Excise Hike of Rs. 0.75/Litre for Petrol; Rs. 2/Litre for Diesel to Mop up Gain from Crude Fall

· 2nd Hike in 2016

· Retail Price Falls as Part Benefit Passed on to Consumers

[Central Excise Notification 02 dated 15^th January 2016]

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 163(E), dated the 17th March, 2012, namely: -

In the said notification, in the Table,-

(i) in serial number 70,-

(a) against item (i) of column (3), for the entry in column (4), the entry “Rs. 8.48 per litre” shall be substituted;

(b) against item (ii) of column (3), for the entry in column (4), the entry “Rs. 9.66 per litre” shall be substituted;

(ii) in serial number 71,-

(a) against item (i) of column (3), for the entry in column (4), the entry “Rs. 9.83 per litre” shall be substituted;

(b) against item (ii) of column (3), for the entry in column (4), the entry “Rs. 12.19 per litre” shall be substituted;

2. This notification shall come into force with effect from the 16th day of January, 2016.

[F. No.354/123/2014 -TRU]