India slashes LNG import tax

India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel.

In presenting to Parliament the budget for fiscal year that starts April 1, Finance Minister Arun Jaitley on Wednesday said he proposes to reduce the basics customs duty on LNG from current 5 percent to 2.5 percent as part of the plans to shift to a natural gas-based economy.

India’s LNG imports have been rising steadily in the least 12 months, boosted by low prices of the chilled fuel.

In the April-December period, India’s LNG imports rose 19.9 percent year-on-year to 18.7 Bcm or about 13.87 million mt of LNG.

Costs of importing LNG into India have dropped sharply last year after the country’s largest importer, Petronet LNG signed a revised long-term contract with Qatari LNG producer RasGas.

Petronet LNG’s shares are currently trading at 387.65 Indian rupees ($5.74), almost 4 percent up from its previous closing of Rs 373.95 on the Bombay Stock Exchange.

India imports LNG via Petronet’s Dahej and Kochi LNG terminals, Shell’s Hazira plant, and the Dabhol terminal operated by Ratnagiri Gas and Power.

 

LNG World News Staff

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