India grants customs duty exemption on critical petrochemical products amid Iran war
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The exemption given on critical petrochemical products due to the disruptions in global supply chains caused by the Iran war will last for three months.
The Indian government has granted full customs duty exemption on critical petrochemical products due to the disruptions in global supply chains caused by the Iran war. The exemption will be effective till June 30, 2026 and will benefit "sectors dependent on petrochemical feedstock and intermediates such as plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components, other manufacturing segments," read the statement release by the Ministry of Finance on Thursday (April 2).
The three-month waiver has been taken as a "temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country."
What is the crude oil price?
The West Asia conflict has forced oil prices to soar. On Thursday (April 2) oil prices rose sharply in Asian trading after US President Donald Trump in his address to the nation said Washington will strike Iran "extremely hard" over the next two to three weeks.
Brent Oil Futures expiring in June climbed 4.2% to $105.41 per barrel, while West Texas Intermediate (WTI) crude futures rose 3.6% to $103.68 per barrel.
In a televised speech Trump said US military will step up attack on Iran in the next two to three weeks, reiterating his stance of preventing Tehran from obtaining a nuclear weapon.
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The prices of crude oil had eased a bit on Wednesday and early Thursday after Trump told reporters that the US could leave Iran within “two to three weeks". However, the fresh statement has only led to panic in the market.
