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A clarification
In Dr Uttam Gupta's article "Petroleum companies should set their house in order" in Commodity Watch dated 28th August, the opening paragraph should have read: "Petroleum companies are looking for concessions from the Union Government, now that they are saddled with excess stocks of petroleum products, like naphtha, fuel oil, diesel etc. They want the so-called level playing field for importing naphtha, fuel oil and LSHS, but in the case of diesel, IPPs (independent power producers) have been told that they can only secure supplies from refineries in the country in a directive issued by the ministry of power."In reference to duty exemptions, he said: "A strong case does exist for a significant decrease in the excise duty on imported crude, in the light of skyrocketing international prices of crude oil and the depreciation of the rupee. Lower duties on crude imports will help refineries reduce their production costs, thereby enabling them to price their products competitively." The inadvertent errors in the article are regretted. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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