In exercise of the powers conferred by sub-section (1) of Section 11-A of the Karnataka Tax on Entry of Goods Act, 1979 (Karnataka Act 27 of 1979), the Government of Karnataka being of the opinion that it is necessary in public interest so to do, hereby reduces, with effect from the first day of April, 2007, the tax payable by a dealer under the said Act, on the entry of crude oil to one per cent.