US EditionCentre waives customs duties on petrochemicals till June end to blunt Iran war impact
The temporary relief covers about 40 items, including methanol and vinyl chloride monomer, to help industries facing supply disruptions and higher costs.
- On Thursday, the Union government granted full customs duty exemptions on about 40 petrochemical products until June 30 to ensure continued availability of critical industrial inputs amid supply chain disruptions in West Asia.
- Uncertainties regarding the US-Iran war prompted this relief, as the government previously invoked emergency powers to divert domestic chemicals for LPG production, straining petrochemical producers facing tighter feedstock availability.
- Textile Association President RK Vij noted that Purified Terepthalic Acid and Mono Ethylene Glycol prices jumped 43% last month, with exemptions covering Methanol, Toluene, and Styrene.
- According to an official press statement, this measure acts as "temporary and targeted relief" to reduce cost pressures on downstream sectors and safeguard supply stability for plastics, packaging, textiles, and automotive manufacturers.
- Shielding consumers from rising global crude prices, the government slashed excise duty on petrol and diesel by Rs 10 a litre last week; diesel excise is now zero while petrol is taxed at Rs 3 a litre.
16 Articles
16 Articles
Centre waives customs duties on petrochemicals till June end to blunt Iran war impact
In temporary relief, the government has exempt duty on 40 petrochemicals till end of June, aimed at easing cost pressures, stabilize supplies and contain inflation risks amid West Asia conflict.
West Asia crisis: Government exempts critical petrochemical products from customs duty
“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,” said an official press statement.
Government waives full customs duty on key petrochemical products to ensure supply stability amid US-Iran war
As uncertainties continue over when the US-Iran war will end, the government on Thursday announced temporary relief measures for industries reliant on petrochemical inputs. As the global supply chain continues to be disrupted, the government has exempted the import of critical petrochemical products from customs duty. The move will also provide relief to consumers of final products amid the crisis in West Asia. Exemption Valid till June 30 The …
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