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"We see a positive effect from this measure. Firstly, exchange prices fell sharply by 16% to 20% for diesel fuel and motor gasoline. This, in turn, is already filtering through to consumers at the small wholesale level, including agricultural producers," Novak said.
India's export of fuel products to the EU has surged despite Russia's invasion of Ukraine, with a rise from 1.1 million barrels in January 2022 to 7.4 million barrels in April. The rise in export coincides with India's increased import of Russian oil.
India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said
The tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.
President Kenyatta says the government is paying Sh29 per litre of petrol in subsidy to keep the prices low.