Deora welcomes duty rationalisation for petrol, dieselFebruary 29th, 2008 - 10:25 pm ICT by admin
New Delhi, Feb 29 (IANS) Petroleum Minister Murli Deora has welcomed the proposal in the union budget to replace six percent of ad valorem excise duty on unbranded petrol and diesel with an equivalent specific duty of Rs. 1.35 per litre. “The petroleum minister welcomed the tax rationalisation by the Finance Minister (P. Chidambaram) in excise duties on unbranded petrol and diesel,” said an official statement released by the petroleum ministry.
The move will not impact retail prices, it said.
According to the statement, Deora also said reduction of import duty on project imports from 7.5 percent to 5 percent would give a boost to fresh investment in the oil and gas sector.
Tags: diesel, duty rationalisation, excise duties, excise duty, feb 29, finance minister, gas sector, import duty, murli deora, New Delhi, oil and gas, p chidambaram, petrol, petroleum ministry, project imports, proposal, retail prices, rs 1, union budget