The ongoing war between United States-Israel and Iran in West Asia has severely affected the global supply chain. As such, the supply of crude oil and gas, among other essential goods, has been affected. In view of this problem, the Indian government has provided a major and temporary relief to industries dependent on petrochemical inputs. In a notification issued on April 2, the government has announced complete exemption from customs duty on selected important petrochemical products till June 30, 2026. The aim of this move is to reduce the supply shortage and curb rising input costs for domestic manufacturers, jagran business reported.

The move comes at a time when geopolitical tensions in West Asia are running high and the global availability of key petrochemical raw materials is impacting prices. By eliminating import duties, the government aims to ensure the continued availability of essential raw materials for Indian industries.

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These Industries Will Benefit Greatly

The government's import duty exemption is expected to benefit several sectors, including industries like:

-Plastics and packaging

-Clothing industry

-Pharmaceuticals

-Chemicals

-Automotive parts

-Other manufacturing industries

Officials said the waiver is a targeted and temporary measure aimed at stabilising supplies and preventing rising costs from spreading throughout the production chain.

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Earlier in March, the government said India has about 60 days of oil stock cover and has arranged one full month of LPG supply, adding that there is no shortage of petrol, diesel, or LPG, calling reports of shortages as a "deliberate misinformation campaign" aimed at triggering panic buying.

Amid reports of panic buying and long queues at petrol pumps and LPG distributors, the Ministry of Petroleum and Natural Gas, for the first time since the war in West Asia broke out, released stock details of crude oil, fuels and LPG as it rushed to calm nerves.

Parallely, state-owned oil marketing companies also said there is no shortage of petrol, diesel or liquefied petroleum gas (LPG) and supplies remain stable.

In a statement, the ministry said all petrol pumps across the country are adequately stocked and operating normally, with no rationing of petrol or diesel.