Govt Waives Customs Duty on Key Petrochemicals Amid West Asia Supply Crisis Until June 2026:

Govt Waives Customs Duty on Key Petrochemicals Amid West Asia Supply Crisis Until June 2026 The Ministry of Finance, Government of India, has issued an Official Notification No. 12/2026-Customs, dated April 01, 2026, granting a full customs duty exemption on critical petrochemical products. These directions have come into force from April 01, 2026, and will remain in force until June 30, 2026.

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This action has been taken to manage the ongoing conflict in West Asia, which has resulted in drastic disruptions in global supply chains, in pursuance of the powers granted under sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962). The government has clarified that this is just a temporary measure, focused on making sure that these essential raw materials remain available for industries, controlling rising costs for businesses that depend on them, and maintaining a stable supply within the country.

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According to the government, several industries will benefit from this decision, including plastics, packaging, textiles, pharmaceuticals, chemicals, automobile parts, and other manufacturing sectors. It is also anticipated to help reduce costs for consumers of finished products. For the complete list of these petrochemical products, download the official PDF of the notification.