Industry Odisha Bureau, May 1: As rumours were reportedly rife on social media in the concluding week of April and prior to the onset of May apprehending hike in the fuel prices across the country, it not only prompted the Fact-Check Unit of the Press Information Bureau of India (PIB) to rubbish such claims, but also reportedly compelled the Government of India (GoI) to dispel the apprehensions.
GoI has reportedly come up with a clarification: “There is no change in excise duties on petrol and diesel meant for domestic consumption”.
Notably, the oil marketing companies are reportedly incurring loss of Rs 14 on the sale of per litre of petrol and Rs 18 on the sale of per litre of diesel now due to the spike in crude oil globally. Despite the losses being suffered, there has reportedly been no hike in the retail prices of petrol and diesel and has reportedly remained unchanged till the filing of this news report.
Meanwhile, the Central Government has reportedly notified the revised export duties on petroleum products for the next fortnight beginning May 1.
As per the notification issued by the Ministry of Finance: “There will be no export duty on petrol, which continues at nil, while export duty on diesel has been set at Rs 23 per litre, and aviation turbine fuel (ATF) will attract a duty of Rs 33 per litre”.
It has been claimed that the latest revision “marks a reduction in export duties compared to the previous fortnight”.
The GoI has reportedly clarified that the mechanism of export duty revision aims to ensure fuels meant for domestic consumption are adequately available, because the Middle East tensions and Hormuz hurdle have not only adversely affected the supply chain of global energy, but has also surged oil prices.
