'Abolish crude oil customs duty to avoid price hikes'
PRESS TRUST OF INDIA
New Delhi, Jan 16: Finding a Rs 5.50 per litre hike in petrol prices over the past one month insufficient to cover their under-recoveries on fuel sales, oil marketing companies have demanded the abolition of customs duty on crude oil to avoid a further increase amid spiralling international rates.
Petrofed, an oil and gas industry body representing state-run firms like Indian Oil Corp (IOC) and private sector players such as Reliance Industries, has asked the government to reduce the customs or import duty on crude oil to zero from 5 per cent at present.
It also wants the customs duty on diesel slashed to 2.5 per cent from 7.5 per cent at present, along with a reduction in the specific duty imposed on the most-consumed fuel in the country, a hike in prices of which would have cascading effect on already high inflation.
Lastupdate on : Sun, 16 Jan 2011 21:30:00 Makkah time
Lastupdate on : Sun, 16 Jan 2011 18:30:00 GMT
Lastupdate on : Mon, 17 Jan 2011 00:00:00 IST
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