The Indian government has today hiked export duty, i.e. windfall tax, on diesel by ₹34 per litre to ₹55.5/litre, from ₹21.5/litre, with immediate effect, PTI reported.
The duty has also been hiked for air turbine fuel (ATF) to ₹42/litre from ₹29.5/litre, an increase of ₹12.5/litre with immediate effect, it added citing a notification from the Ministry of Finance on 11 April (Saturday). Export duty on petrol continues to remain nil, as per the report.
Further, it has also raised excise to high-speed diesel to ₹24 and infra cess to ₹36, as per an Economic Times report.
War in West Asia causes hike in fuel prices
Prior to this, the Centre had last month on 26 March, imposed export duty of ₹21.50/litre on diesel, and ₹29.5/litre on ATF. This came in order to increase domestic availability of the fuel amid the war in West Asia which has impacted global supplies.
They were also aimed at not allowing exporters to take undue advantage due to price differences, as globally crude oil prices had risen since the beginning of the war.
On February 28, the United States and Israel launched military strikes against Iran, triggering sweeping retaliation from Tehran.
On April 8, Iran, the United States and Israel agreed on a two-week ceasefire in the war that tore across the Middle East and disrupted the global energy market.
Updates on key sectors amid West Asia war
The Ministry of Petroleum & Natural Gas in a release today noted the following key developments:
- The statement said that the Middle East crisis has led to an abnormal increase in crude prices. It further noted that retail prices of petrol and diesel remain unchanged with no increase at retail outlets.
- “Retail outlets across the country are operating normally. The Government has advised citizens not to believe rumours and requested State Governments to disseminate accurate information through press briefings,” it added.
- Domestic LPG cylinder deliveries remain normal; over 51.5 lakh cylinders delivered yesterday.
- More than 26,000 PNG consumers surrendered LPG connections via MYPNGD.in till date.
- All refineries are operating at high capacity with adequate crude inventories, while sufficient stocks of petrol and diesel are being maintained.
- Alternate fuels such as kerosene and coal have been made available to ease pressure on LPG demand.
- “Citizens are advised to avoid panic purchase of petrol, diesel and LPG and rely only on official sources for information,” the ministry said a public advisory.
- PSU OMCs organise around 2,900 awareness camps for 5 kg FTL cylinders over last 8 days
- India-flagged LPG vessel Jag Vikram carrying approximately 20,400 MT of LPG safely crossed the Strait of Hormuz.
- The Shipping Control Room remains operational 24×7 and has handled 5,973 calls and more than 12,675 emails since activation. In the past 24 hours, 128 calls and 319 emails have been received.
- Over 2,009 Indian seafarers safely repatriated from Gulf region; 81 returned in last 24 hours
- Indian Missions and Posts continue round-the-clock helplines and proactive assistance to Indian nationals
(With inputs from PTI)
