Oil and Gas

Proposals

* Excise Duty on diesel hiked from 12% to 16%

* Excise Duty on MS (Petrol) increased to 32% (16% Cenvat + 16% special excise)

* LNG exempted from CVD

* LPG given a special exemption of 8% on excise duty

* 8% excise duty on CNG (currently nil duty)