Parliamentary panel for duty revision on petro products

 The customs duty levied on products did not actually add to the revenues of the government as product imports were almost nil owing to surplus refining capacity in the country, the committee report said.

 While the customs duty on crude oil is 5%, petrol and diesel attract a customs duty of 10% each. The government is in the process of finalising a hike in petroleum product prices and a final announcement is expected sometime this week.

According to sources, the decision on petroleum pricing would be a mix of price increase and duty cuts on oil products.