Committee to look into petro duty structure

Concerned over soaring global crude oil prices, now at over 50 a barrel, the finance ministry has set up a high-level committee to look into the duty structure of petroleum products. The seven-member committee, to be headed by chief economic advisor Ashok Lahiri, will submit its report by November end.

Confirming the decision, Gautam Ray, joint secretary, Central Board of Excise and Customs, who is also a member of the committee, said 8216;8216;the terms of reference on all petroleum products are being looked into.8217;8217; It will assess the impact of tariff changes on various players, including consumers and oil companies.