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Government of India has imposed additional excise duty of Rs 13/litre on diesel exports. Also, excise duty on petrol and aviation turbine fuel exports was raised by of Rs 6/litre.
Reliance Industries Ltd. has total refining capacity of 68 million metric tonne per annum and one of the refineries is export focused.
Product cracks of diesel, petrol and ATF continue to trade at elevated levels.
While RIL is expected to report a sharp surge in profit in Q1 FY23E, excise duty on product exports is likely to limit gains in the refining segment, going ahead, as per our understanding.
The government will review the excise duty for recalibration every 15 days. The strategy of the company regarding export volume and global refining scenario will be the key monitorable in the near term.
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