Excise Hike of Rs. 0.37/Litre for Petrol and Rs. 2/Litre for Diesel from 2 Jan 2016

First Hike in 2016 Following Four in 2015

[Central Excise Notification No. 01 dated 1st January 2016]

Seeks to further amend notification No 12/2012-Central Excise dated 17.03.2012 so as to increase the Basic Excise Duty rates on Petrol and Diesel(both unbranded and branded)

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. 7.73 per litre shall be substituted;

(b)  against item (ii) of column (3), for the entry in column (4), the entry Rs. 8.91 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. 7.83 per litre shall be substituted;

(b)  against item (ii) of column (3), for the entry in column (4), the entry Rs. 10.19 per litre shall be substituted;

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

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