Government Steps In To Curb Export Of Petroleum Products

The government has stepped in to curb export of petroleum products as the country’s public sector oil marketing companies turned importer of the petrol and diesel.

The government imposed special additional duties on export of petrol and diesel effective July 1, according to a notification. A special additional excise duty of Rs 5 a litre has been imposed on export of petrol, and Rs 12 a litre on diesel.

The government imposed special additional excise duty on domestic production of petroleum Crude of Rs 23,250 a tonne and aviation turbine fuel of Rs 6 a litre.

It has provided some relief in form of exemption to entities whose output in the last fiscal year (FY22) stood below 2 million barrels and also on excess production over FY22’s level.