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INDIAN EXIM POLICY DOES NOT DECANALISE IMPORT OF PETROL, DIESEL.
NEW DELHI, April 1 Asia Pulse - Oil majors aspiring to tap into the world's seventh largest retail oil market worth US$15 billion a year in sales through imported transport fuels were let down by India's Export Import Policy for 2003-04 that did not decanalise import of petrol and diesel.
The EXIM Policy, announced by the Federal Commerce and Industry Minister Arun Jaitley, did not alter the present status of import of petroleum products through Government's canalising agency Indian Oil Corporation (BSE:IOC).
Though crude oil imports had been de-canalised last year, petro product imports remained under canalised category as imported petrol and diesel could be sold at a cheaper rate under the given duty structure.
"Duty structure would have to be changed to ...
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