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Our Bureau

New Delhi , Aug. 9

THE Petroleum Ministry had recently written to the Finance Ministry seeking nil excise duty on LPG and kerosene. Currently, kerosene attracts an excise duty of 16 per cent duty rate while that on LPG it is 8 per cent. Both the products earn the exchequer revenues of around Rs 3,000 crore per annum.

The surge in global oil prices coupled with the non-revision in consumer prices has dented the profitability of the marketing business of oil companies. It is in this context that the Petroleum Ministry has been seeking duty reductions. Around a fortnight ago, the Ministry sought nil customs duty on the two products. This was, however, to no avail. It has now sought a cut in excise duties.

More Stories on : Petroleum | Excise and Customs

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