Oil industry up in arms against duty on crude -Governance Now

Oil industry up in arms against duty on crude

Budget proposed 5 percent customs duty on crude oil

PTI | March 8, 2010

Private and public sector oil firms have opposed levy of five percent customs duty on crude saying this would make import of products like jet fuel cheaper than manufacturing them in the country.

Finance Minister Pranab Mukherjee has in his Budget for 2010-11 brought five percent import duty on crude oil back to garner Rs 10,000 crore in revenues. He had also increased excise duty on petrol and diesel by Re 1 per litre to mop up an additional Rs 7,000 crore.

Consequent to levy of five percent customs duty on the raw material (crude oil), the import duty on some of the finished products (not all) have been increased by the same amount to retain the difference in duty on raw materials and finished goods.

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