India's Fuel Exports Hit 42-Month Low Amid West Asia Crisis
India's fuel exports fall to lowest level since 2022 on West Asia crisis
Business Standard
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India's fuel exports fell to their lowest level in 42 months in April 2023, coinciding with rising global crude oil prices and a depreciating rupee. The government has implemented a special additional excise duty to curb exports due to lower crude oil supplies and refining throughput.
- 01India's fuel exports dropped to the lowest level since 2022.
- 02The decline occurred amid rising global crude oil prices.
- 03A special additional excise duty was imposed by the government.
- 04Lower crude oil supplies and refining throughput contributed to the decline.
- 05The situation is impacting dollar inflows into India.
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In April 2023, India's fuel exports reached their lowest level in 42 months, driven by a combination of rising global crude oil prices and a weakening rupee. The Indian government has responded by imposing a special additional excise duty aimed at discouraging exports. This decision comes at a time when crude oil prices have surged to four-year highs, exacerbating the situation as crude oil supplies and refining throughput have also decreased. The decline in fuel exports is expected to negatively affect dollar inflows into the country, raising concerns about the broader economic implications.
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The decline in fuel exports may lead to reduced dollar inflows, which could impact India's foreign exchange reserves and overall economic stability.
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