New Delhi, Apr 23 (UNI) The Standing Committee on Petroleum and Natural Gas today said the customs duty on crude oil should be scrapped, with a view to offset some burden of the oil marketing companies (OMCs) amidst global crude oil prices touching about 117 dollars a barrel.
The report, presented in the Lok Sabha today by the Committee headed by a Member of Parliament N Janardhana, has favoured scrapping of the customs duty on crude oil in order to reduce the burden on the OMCs caused by the phenomenal increase in the crude oil prices.
The Committee also said the taxes and duties being levied on petroleum products are too high which need to be moderated.
''The varied rates of sales tax on such products prevailing in various parts of the country should be made uniform across the country,'' the Committee said in its twentieth report.
The current share of taxes and duties in the retail selling prices of petrol and diesel in Delhi is 53 per cent and 33 per cent respectively.
The sales tax component in the retail selling prices in Delhi accounts for 17 per cent and 12 per cent respectively for petrol and diesel.
UNI RT/SBA PBB HS1835