EU to impose 4.7% duty on Indian jet fuel imports

Written by Reuters | London | Updated: Jul 12 2013, 21:09pm hrs
The European Union will levy a 4.7 per cent duty on jet fuel imports from India in addition to cargoes from the Middle East, its two top suppliers, an EU official said, increasing risks of price rises for European airlines.

The European Union said last month it would impose the duty on imports from Gulf Cooperation Council (GCC) states starting January 1, 2014 after removing the group from the generalised scheme of preferences (GSP), which offers trade advantages to developing economies.

India has not been removed from the GSP, but the EU will remove the waiver because its oil products have become competitive in global markets.

Once a country becomes competitive as an exporter of a particular category of products, the tariff preference is not essential any more, the EU official said on Thursday.