India Exempts Duties on 40 Petrochemicals Until 2026

The Indian government announced on April 2 a full customs duty exemption on approximately 40 critical petrochemical products, effective immediately and lasting until June 30, 2026, to mitigate supply chain disruptions from the ongoing conflict in West Asia.

The Ministry of Finance stated that the measure addresses global supply interruptions caused by the war, particularly following U.S. and Israeli military strikes on Iran on February 28, which triggered retaliatory actions and drove up crude oil prices by nearly 50 percent. These developments have strained imports of essential feedstocks, affecting industries reliant on petrochemicals for production. "This measure has been taken as a temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country," the ministry said in its announcement. The exemption also aims to ease costs for end consumers of finished goods.

The waived duties apply to a range of feedstocks and intermediates, including anhydrous ammonia, methanol, toluene, styrene, dichloromethane, vinyl chloride monomer,...