New Delhi, June 30 (IANS). The central government on Tuesday decided to extend the custom duty exemption on import of important petrochemical products by 15 days, with the relief continuing till July 15, 2026.
Earlier this exemption was to end on June 30. This will remain applicable to the same list of petrochemical products which was notified earlier.
This waiver was introduced as a temporary measure in response to the ongoing conflict in West Asia. This was due to the conflict disrupting the global supply chain, which affected the availability of important petrochemical products.
The Finance Ministry said, “This relaxation was given to ensure adequate availability of petrochemicals in the domestic market, as Indian petroleum companies were asked to focus on the production of LPG during this period.”
According to the government, the situation is now gradually returning to normal. However, it has been decided to extend the exemption to ensure a smooth transition without any disruption for industries dependent on imported petrochemical feedstock and intermediates.
The government said it is committed to supporting India’s manufacturing sector and ensuring uninterrupted availability of essential raw materials. The continuation of this relaxation is expected to benefit a wide range of industries including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and many other manufacturing sectors dependent on petrochemical inputs.
“However, as the situation is gradually returning to normal, in order to ensure a smooth and uninterrupted transition for the affected sector, it has been decided to extend the said relaxation for a further period of 15 days, i.e. till July 15, 2026. The list of products included in it will remain the same as mentioned earlier,” the ministry said.
This expansion is also expected to provide relief to consumers by stabilizing input costs for manufacturers and maintaining availability of finished products at competitive prices.
–IANS
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