Latest News | Govt Imposes Restrictions on Exports of Fuel
Get latest articles and stories on Latest News at LatestLY. The government has imposed export restrictions on petrol and diesel by directing exporters to supply a specified quantity in the domestic market, a move aimed at ensuring adequate availability within the country.
New Delhi, Jul 1 (PTI) The government has imposed export restrictions on petrol and diesel by directing exporters to supply a specified quantity in the domestic market, a move aimed at ensuring adequate availability within the country.
According to a notification of the Directorate General of Foreign Trade (DGFT), motor gasoline (petrol) exporter is "required to submit a self-declaration to the concerned customs authority at the time of export confirming that 50 per cent of quantity mentioned in the shipping bill has been/will be supplied in the domestic market during the current financial year".
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For gas oil or automotive diesel exporters, the quantity has been fixed at 30 per cent.
However, exports to Bhutan and Nepal are exempted from this condition.
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The limit is also not applicable to 100 per cent Export Oriented Units (EoUs) and units in SEZs (Special Economic Zones). EoUs and SEZs are developed primarily for exports.
The notification said that the exporters will have to file a quarterly return to the ministry of petroleum and natural gas regarding the same.
The decision assumes significance as the government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally.
A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed.
The export tax has been imposed to deter companies from preferring overseas markets over domestic supplies.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)