The Union government on Thursday revised export duties on high speed diesel and aviation turbine fuel (ATF), reducing the levy on diesel from Rs 55.5 per litre to Rs 23 per litre and on ATF from Rs 42 per litre to Rs 33 per litre.
Export duty on petrol, however, continues to remain nil. The revision takes immediate effect from May 1, the Ministry of Finance said in an official statement.
The government introduced export duties with effect from March 27 to prevent exporters from taking undue advantage of the large price difference between domestic and international markets. The move seeks to discourage excessive exports and ensure adequate availability of these fuels for domestic consumption amid volatile global oil prices.
This is the third adjustment in export levies as the rates are being revised on a fortnightly basis and the last such revision was undertaken with effect from April 11. The government had increased the levy on diesel to Rs 55.5 per litre and on ATF to Rs 42 per litre.
On March 27, the government had imposed export duties of Rs 21.5 per litre on diesel and Rs 29.5 per litre on ATF while simultaneously cutting domestic excise duties on petrol and diesel to protect consumers from price spikes.
There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption, the Ministry of Finance said.