The Union finance ministry of India has announced a new export duty of ₹3 per litre on petrol, effective Saturday. This decision comes alongside a reduction in export levies for diesel and jet fuel to ₹16.5 and ₹16 per litre, respectively. The previous export duties were significantly higher, with diesel at ₹23 and jet fuel at ₹33 per litre as of May 1. India, despite being a net importer of crude oil, exports petroleum products worth about $45 billion annually. The adjustments in export duties aim to ensure sufficient domestic supply amid fluctuating global crude oil prices, which have recently seen volatility due to geopolitical tensions, including the ongoing blockade of the Strait of Hormuz. The export levies were first introduced on March 27 to disincentivize exports during the West Asia crisis. The rates are subject to revision every fortnight based on average international prices. Reliance Industries leads the export market, with India being the seventh-largest exporter of petroleum products globally.