IOC favours duty drawback on sale of ATF, other products

Sanjay Jog
Posted: Friday, May 16, 2008 at 2309 hrs IST
Updated: Friday, May 16, 2008 at 2309 hrs IST

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Mumbai, May 15: follows: For LPG: Drawback rate on customs duty as percentage of FOB value of export is 7.7%, MS: 5.8%, HSD: 5.3%, SKO: 5.1%, ATF: 5.1%.

IOC's plea is also crucial when its under-recoveries have been of the order of a hefty Rs 43,000 crore for the financial year 2007-08. Every day, the company is losing Rs 238 crore due to under-recoveries. The borrowings increased to Rs 36,000 crore for financial year 2007-08 mainly on account of under-recoveries.

For 2007-08, IOC has sold 58.3 million tonne of petroleum products, registering an 8.7% growth in volumes as compared to the previous year....

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