Petrol export duty cut to nil, diesel levy raised by ₹3 a litre

The Indian government has reduced the export duty on petrol to zero and increased the export levy on diesel to ₹11.5 per litre. This change is part of the government's fortnightly review of export duties. The move is significant because India's diesel exports have reached a record high of 700 kilo barrels per day in October, making it a major player in the global market. This shift in export duties could impact the global fuel market and India's trade balance.

Why it matters

The government's decision to raise the export levy on diesel will increase the cost for oil marketing companies. This could lead to lower profit margins for these companies, affecting their stock prices.

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