Special additional excise duty on fuel exports reduced

NEW DELHI: Govt on Saturday cut the special additional excise duty (SAED) on exports of diesel, petrol and aviation turbine fuel (ATF), effective June 1.The SAED on petrol exports has been reduced to Rs 1.5 per litre from Rs 3, on diesel to Rs 13.5 per litre from Rs 16.5, and on ATF to Rs 9.5 per litre from Rs 16. Govt said there would be no change in the existing excise duty rates on petrol and diesel meant for domestic consumption.The last such revision took place on March 16.Export levies on petrol, diesel and ATF exports were introduced on March 27 to ensure domestic availability of petroleum products by disincentivising exports amid the ongoing West Asia crisis. The rates are revised on a fortnightly basis and are determined on the basis of average international prices of crude oil, petrol, diesel and ATF prevailing since the previous review.