India Removes Petrol Export Levy, Raises Diesel and ATF Rates

India’s government has removed the export levy on petrol and raised duties on diesel and aviation turbine fuel (ATF), with the revised rates taking effect October 31 for the next fortnight. A Ministry of Finance notification set the petrol export levy at zero, down from ₹2.5 per litre. The levy on diesel exports increased by ₹3 to ₹11.5 per litre, from ₹8.5. The charge on ATF exports rose by 50 paise to ₹11 per litre, from ₹10.5. The government said domestic-consumption excise duty rates for petrol and diesel were unchanged. The October 31 changes apply to exports and do not alter those stated domestic rates. The export duties are reviewed every fortnight using average international benchmark prices recorded since the preceding review, according to the government. The measures were introduced on March 27 amid concerns about fuel availability and international energy-market conditions. Petrol exports were included in the levy framework from May 16, according to reports on the policy’s history. The government has said the levies are intended to discourage exports and support domestic availability of petroleum products. The revised rates move in different directions across fuels:...