India Cuts Export Duties On Petrol, Diesel And Jet Fuel From June 1 Amid West Asia Crisis

Amid the ongoing West Asia crisis, the central government on Saturday cut its export duty on petrol, diesel and aviation ‌turbine fuel (ATF) for the fortnight starting June 1.The special additional excise duty (SAED) on petrol exports has been reduced to Rs 1.5 per litre from Rs 3, while on diesel it has been set to Rs 13.5 per litre from Rs 16.5. The export duties on ATF have been set at Rs 9.5 per ‌litre from the existing Rs 16. The government has said that there would be no change in the existing excise duty rates on petrol and diesel meant for domestic consumption.Export duties on petrol, diesel and ATF exports were introduced on March 27 to ensure domestic availability of petroleum products by disincentivising exports amid the ongoing situation

between Iran and the United States. The rates are revised on a fortnightly basis and are determined on the basis of average international prices of crude oil, petrol, diesel and ATF prevailing since the previous review.