New Delhi, Apr 3 (UNI) Petroleum Minister Murli Deora today called on the government to reduce the five per cent customs duty on petroleum crude oil to nil.
With the crude oil hovering over 100 dollars a barrel, Mr Deora has asked Prime Minister Manmohan Singh to cut customs duty on crude oil to avert financial bankruptcy of public sector oil marketing companies who face a revenue loss of Rs 1,30,000 crore on sale of fuel in the current fiscal.
''Just like the government scrapped import duty on edible crude oil, the five per cent customs duty on petroleum crude oil should also be made nil,'' Mr Deora told reporters here.
IOC, BPCL and HPCL, who together lost Rs 77,304.50 crore on sale of petrol, diesel, domestic LPG and kerosene in 2007-08.
''Oil bonds being given by the government are not enough,'' Mr Deora said.
The Minister has also asked Dr Singh to raise the quantum of oil bonds.
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