Reduction in customs duty on crude oil: Govt

Among other reductions, customs duty on both high speed diesel (HSD) and petrol was reduced from 7.5 per cent to 2.5 per cent, Revenue Customs duty on other petroleum products was decreased from 10 per cent to 5 per cent, Revenue Secretary P V Bhide announced today.

Excise duty on both HSD and petrol was reduced by Re 1/litre.

As a result, the government will lose revenue of Rs 22,660 crore for the remaining ten months of the fiscal year.