ltr #FinanceIndia #StockMarketNEWS No implications on domestic price as centre hikes export duty

@StockMarketNEWS Mon 04 Jul, 2022

Posted in: #FinanceIndia #StockMarketNEWS

No implications on domestic price as centre hikes export duty on diesel, petrol by Rs 13/ltr and Rs 6/ltr #FinanceIndia #StockMarketNEWS
No implications on domestic price as centre hikes export duty on diesel, petrol by Rs 13/ltr and Rs 6/ltr New Delhi, July 1 (KNN) According to statement released by the finance ministry on Thursday, the government has raised the export duty export duty on diesel by Rs 13/litre and that on petrol by Rs 6/litre.

This would apply to any export of diesel and Petrol from the country.

Subjecting to the rise in the international prices of Aviation Turbine Fuel (ATF) in the past few months, centre has increased the export duty on ATF by Rs 6 per litre.

The domestic crude producers sell crude to domestic refineries at international parity prices. As a result, the domestic crude producers are making windfall gains. Taking this into account, a cess of Rs. 23250 per tonne has been imposed on crude. Import of crude would not be subjected to this cess.

The small producers, whose annual production of crude in the preceding financial year is less than 2 million barrels will be exempt from this cess.

The measures taken by the government will have no adverse impact on domestic retail prices of HSD and Petrol. Thus, domestic retail prices would remain unchanged. At the same time these measures will ensure domestic availability of the petroleum products.

Export policy condition has been imposed by the DGFT .The exporters would be required to declare at the time of exports that 50 per cent of the quantity mentioned in the shipping bill has been/will be supplied in the domestic market during the current FY.

Government has also increased the customs duty on gold from 10.75 per cent to 15 per cent in order to curb the import of gold. (KNN Bureau)