Centre cuts fuel export duties, keeps domestic taxes unchanged

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New Delhi: Export duties on petrol, diesel, and aviation turbine fuel (ATF) have been cut down for the fortnight starting June 1, according to the Centre. This is to offer some solace to the fuel exporters who are navigating fluctuating international fuel prices.

Under the new notification, which is effective for a fortnight, duty on petrol export stands revised to Rs 1.5 per litre, diesel at Rs 13.5 per litre, and ATF at Rs 9.5 per litre.

The decision has been taken under the review system of export duties that takes into consideration the average international price of crude oil and refined petroleum products. Officials attributed the revised rates to the mechanism of price-linked revision of export levies to manage the situation in the global market.

There is no change in excise duty rates on petrol and diesel, as of date, and it will continue to be so. Even the retail prices of fuels remain unchanged.

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Earlier this year, the government imposed export duties on petroleum products when the country faced a potential shortage due to the volatility of global fuel prices post the conflict in West Asia.

The export duties were revised many a time since then, based on changes in the price of crude oil and refining margins.

With the cut in the export duties, the refiners and the exporters are likely to receive support, and at the same time, the government is aiming to continue to balance domestic concerns with international markets.

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