NEW DELHI: India says it will be reducing the customs duty on bunker fuels, a decision that is estimated to have a Rs. 57 crore ($8.9 million) impact per year.
India’s Ministry of Finance Friday announced that it will be reducing the customs duty on bunker fuels in order to support economic growth.
The impact of the government’s decision is said to be estimated at Rs. 57 crore ($8.9 million) per year.
“Recognizing the need to encourage the growth of Indian tonnage, the Government has exempted Customs and Excise Duty leviable on bunker fuels, namely IFO 180 CST and IFO 380 CST used in Indian flag vessels for transportation of EXIM and empty containers between two or more ports in India,” said Shri Jayant Sinha, Minister of State in statement released by the Ministry of Finance on Friday.
In March, it was reported by local media that Indian bulk shippers are living “hand to mouth” despite almost full utilisation and low bunker prices.
