Amid rising tensions in West Asia and fears of major global supply chain disruptions, the Government of India has taken a decisive step to stabilize the domestic economy. The Ministry of Finance announced on Thursday a total waiver of customs duty on several essential petrochemical products until June 30. This temporary and targeted move aims to ensure a steady supply of raw materials and curb rising production costs.

Key industries such as textiles, pharmaceuticals, packaging, and automobiles, which rely heavily on petrochemical derivatives like Methanol, Toluene, and various polymers, are set to benefit directly. Following military strikes by the US and Israel on Iran, global crude oil prices surged by nearly 50%, prompting this swift intervention by the Centre to protect downstream industries.

In a dual-pronged strategy to provide relief to the common man, the government has also slashed excise duty on Petrol and Diesel by ₹10 per liter. Currently, the excise duty on Petrol stands at a mere ₹3 per liter, while it is zero for Diesel. These aggressive measures underscore the government’s commitment to shielding the nation’s economy from international volatility and ensuring consumer welfare.