Freedom at last to export surplus oil products
The government has moved a step closer towards stripping the Indian Oil Corporation (IOC) of its monopoly in the export of oil products.
In a little reported development the Ministry of Commerce on 1st October issued a directive decanalising the export of Aviation Turbine Fuel (ATF), High Speed Diesel (HSD) and Motor Spirit (MS). The move has far reaching implications for Indian refiners - private and state-owned - who are now free to find buyers on the international markets for their surplus products.
Until now Indian refiners have been forced to sell through IOC. The decision to free petro-product exports was taken by the Ministries of Commerce and Petroleum & Natural Gas, following a recommendation from the Oil Coordination Committee.
The move does not affect the import of oil products, which remain canalised via IOC.