India Revises Export Duties on Fuel
India will reduce its export duties on petrol, diesel, and aviation turbine fuel starting June 1, adjusting rates based on international crude oil prices. The adjustments do not affect excise duties on fuels for domestic use.
In a recent announcement, India declared a reduction in export duties on petrol, diesel, and aviation turbine fuel (ATF), effective from June 1. The decision is part of a fortnightly review process to align with international crude oil prices.
According to the government statement, the export duty on petrol is set at 1.5 rupees ($0.0158) per litre, while diesel is priced at 13.5 rupees per litre. Additionally, the duty on ATF will be 9.5 rupees per litre. These new rates reflect the average international fuel prices since the last review period.
It is worth noting that there will be no adjustments to the existing excise duty rates on petrol and diesel for domestic consumption, keeping them steady for local consumers. This measure comes as the country navigates the fluctuating global fuel market.
(With inputs from agencies.)
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