Sources within India's Finance Ministry have told an Indian daily that the country's Petroleum Ministry has come up with a suggestion to reduce customs duty on crude oil, petrol and diesel. If such a plan is true - and approved - the Indian consumer could see a drop in the price of petrol and diesel.
However, such a move would not be greeted warmly by the upstream oil and gas sector, which could see refinery margins for the domestic refining companies fall by up to 10%. The profits of the likes of Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Reliance Industries could be hit hard by this plan.
According to the sources, the Petroleum Ministry plan would involve reducing the duty on crude oil from 10% to 8% and cut duty on petrol & diesel from 20% to 17%.
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