India has announced an increase in export duties on key fuel products, including petrol, diesel, and aviation fuel, in response to recent adjustments in domestic retail prices. The government stated that the export duty on petrol has been raised to 3 rupees ($0.0313) per litre, while diesel export duty has been increased to 16.5 rupees per litre. Additionally, the export duty on aviation fuel has been elevated to 16 rupees per litre. These rates are now subject to bi-weekly revisions, reflecting the fluctuations in international crude oil prices.
The government emphasized that there has been no change to the excise duty rates applied to petrol and diesel for domestic consumption, indicating a targeted approach to managing trade and pricing dynamics. The measures come shortly after the government’s decision to increase retail fuel prices for the first time since the escalation of the Iran conflict, aiming to balance domestic and international market pressures.
This move underscores India's efforts to adjust its trade policies in line with global crude prices while attempting to shield consumers from volatile costs. Industry experts suggest these duty adjustments could impact fuel prices domestically and influence India's overall energy market strategy in the coming weeks.
