New Delhi: In a decisive move to curb inflation and stabilize supplies, the Government of India has exempted customs duty on the import of key petrochemical products until June 30.
The decision comes against the backdrop of the ongoing West Asia conflict, which has disrupted global supply chains and driven up costs. The Ministry of Finance India said the temporary relief aims to ensure availability, ease cost pressures, and protect consumers from price spikes.
The exemption is expected to provide a major boost to industries reliant on petrochemicals, including plastics, packaging, textiles, pharmaceuticals, chemicals, and automotive manufacturing. Key products covered under the relief include methanol, anhydrous ammonia, toluene, styrene, dichloromethane, vinyl chloride monomer, polybutadiene, styrene-butadiene, and unsaturated polyester resins.
The government highlighted that shipping disruptions linked to tensions in West Asia have raised concerns over imports of crucial commodities such as fertilizers, crude oil, and natural gas. India, a major importer in these sectors, has been particularly vulnerable to global price fluctuations.
Following the military escalation involving the United States, Israel, and Iran, global crude oil prices have surged by nearly 50%. In a parallel effort to ease the burden on citizens, the Centre had also cut excise duty on petrol and diesel last week, reinforcing its push to shield consumers from rising fuel costs.
