Govt imposes ₹3 per litre duty on petrol exports, cuts levies on diesel and ATF
Government imposes Special Additional Excise Duty of ₹3 per litre on export of petrol; it has cut Special Additional Excise Duty on diesel and ATF exports
As global energy supply concerns persist due to the West Asia crisis continue, the Central government has imposed a Special Additional Excise Duty of ₹3 per litre on export of petrol and cut levies on diesel and Aviation Turbine Fuel (ATF).
According to official gazette notifications issued by Ministry of Finance, the government has revised Special Additional Excise Duty on diesel exports to ₹16 50 paise per litre from ₹23. The Special Additional Excise Duty on ATF has been reduced to ₹16 from ₹33 a litre.
There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption.
Special Additional Excise Duty: SAED is a flexible tax imposed by the government on select products, mainly domestic crude oil and exported petroleum fuels such as petrol, diesel, and ATF.
Earlier on Friday, May 15 and a few days after five-state election, the government increased petrol and diesel prices were raised by ₹3 per litre for the first time in more than four years. The petrol and diesel prices were increased amid surging global crude prices following the Iran war forced state-run fuel retailers to pass on part of their mounting losses after months of holding rates steady.
After the revised petrol and diesel prices, the prices in New Delhi increased to ₹97.77 per litre from ₹94.77, while diesel rose to ₹90.67 from ₹87.67, according to industry sources.
Rates vary across states due to differences in value-added tax.
Compressed natural gas (CNG) prices were also raised by ₹2 per kg in cities including Delhi and Mumbai on Friday. Two days later, the CNG prices were again hiked by Re 1 per kg in Delhi on Sunday — marking the second increase in 48 hours.
On May 1, the Centre had revised export duties on diesel and ATF, while keeping petrol export duty unchanged.
In April, the Centre had increased export duties on petroleum products, raising the levy on high-speed diesel to ₹55.5 per litre and on aviation turbine fuel (ATF) to ₹42 per litre.
(With inputs from agencies)
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