Excise Duty on Petrol Increased

January 2016, Economy

In Brief:

The Union government raised the excise duty on petrol by 37 paise a litre and on diesel Rs. 2, the second such increase in just over two weeks.

However, the retail selling prices of the two fuels remain unchanged, as state-owned oil firms had not passed on the full benefit of a reduction in international oil prices to consumers on January 1.
Basic excise duty on unbranded or normal petrol has been increased from Rs. 7.36 to Rs. 7.73 a litre and the same on unbranded diesel from Rs. 5.83 to Rs. 7.83, a notification of the Central Board of Excise and Customs (CBEC) said.
The increase in excise duty will fetch the government over Rs. 4,300 crore on diesel and about Rs. 80 crore on petrol.

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