India Hikes Export Duties Amid Rising Fuel Costs

India has increased export duties on petrol, diesel, and aviation fuel in response to soaring international crude oil prices. The government announced the changes a day after raising domestic fuel prices. These adjustments are part of a fortnightly review process informed by global market trends.

In a swift policy shift, India has announced an increase in export duties on petrol, diesel, and aviation fuel, as per a statement released late Friday. This decision follows the first hike in domestic retail fuel prices since the onset of the Iran conflict.

The revised export duties set the rate for petrol at 3 rupees per litre and diesel at 16.5 rupees per litre. Aviation fuel exports will also see an increased duty of 16 rupees per litre. These changes align with India's approach to adjust rates fortnightly in line with international crude oil and associated product pricing.

While export duties have risen, the government's statement confirmed that excise duty rates on petrol and diesel for domestic use remain unchanged. The adjustments reflect the country's commitment to balancing economic needs against volatile global market dynamics.