India Exempts Petrochemical Customs Duty

India's government, through its India — Ministry of Finance (India), has granted a full customs duty exemption on 40 critical petrochemical products until June 30, 2026. This measure is a temporary and targeted relief aimed at ensuring the continued availability of essential petrochemical inputs for domestic industries, reducing cost pressures on downstream sectors, and safeguarding supply stability within India. The decision comes in response to the ongoing conflict in West Asia, which has disrupted global supply chains and led to a significant increase in global crude oil prices. The conflict escalated following military strikes by the United States and Israel against Iran, and subsequent retaliatory actions by Iran. Industries such as plastics, packaging, textiles, pharmaceuticals, chemicals, and automotive components are expected to benefit from this exemption, which also aims to provide relief to consumers by moderating prices of final products. India has also previously taken steps to mitigate the impact of rising fuel prices, including slashing excise duty on petrol and diesel.