Impact of West Asia war: Govt of India announces Customs Duty exemption on petroleum products
New Delhi, Apr 2: With the waging West Asia war continuing to cause energy shortages in India, the central government today announced Customs Duty exemption on import of critical petrochemical products till June 30, this year.
The government also issued a list of the goods on which the customs duty has been exempted.
These items include Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane (methylene chloride), Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
The government said the step has been taking “in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains”.
“This measure has been taken as a temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country,” it said in a statement.
“This will also provide relief to consumers of final products,” the government added.
India a major importer of petroleum products, mostly from the West Asian region, and the war raging there since February 28 has led to acute shortages of oil and gas.
The energy imports have particularly been affected badly due to the de facto closure of the Strait of Hormuz, which is a critical waterway route for transportation of petroleum products from West Asia to rest of the world, including India.
