Industry watchers feel that the Budget 2013-14 may have a mixed impact on the oil and gas sector. While the Finance Minister announced that his government would soon release shale gas policy and review the pricing of natural gas, industry players are cautious. They feel that one has to wait and watch how the government implements the above measures.
The budget provided exemption from excise duty to sulphur recovered as a by-product in refining of crude oil and which is used in manufacture of bentonite sulphur. Further, excise duty and additional customs duty has been exempted on manufacture and import of dredgers.
The changes in the international crude oil prices make a significant impact on the economy, which in turn, leads to a rise in prices for many essential commodities increasing inflation.
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