By IANS
New Delhi : Petroleum Minister Murli Deora has welcomed the proposal in the union budget to replace six percent of ad valorem excise duty on unbranded petrol and diesel with an equivalent specific duty of Rs. 1.35 per litre.
“The petroleum minister welcomed the tax rationalisation by the Finance Minister (P. Chidambaram) in excise duties on unbranded petrol and diesel,” said an official statement released by the petroleum ministry.
The move will not impact retail prices, it said.
According to the statement, Deora also said reduction of import duty on project imports from 7.5 percent to 5 percent would give a boost to fresh investment in the oil and gas sector.