Asia/Pacific News
Slashing Bunker Tax Would Put Indian Ports on Par with Singapore, Fujairah
Oil companies operating in India have called for a slashing of bunker tax in the country's South Eastern state of Andhra Pradesh, saying the move would allow its ports to join maritime hubs like Singapore, Fujairah, and Colombo, the Hindu reports.
Anil Yendluri, chief executive officer of the state's Krishnapatnam port, says a reduction or removal of the tax would attract more foreign ships and lead to a doubling of revenues in two to three years.
"I understand the issue was already taken up by the Indian Oil Corporation Limited (IOCL). Since the Central government has already given a green signal to boost maritime trade, it is high time these steps are taken," he said.
"Besides revenue generation, there is potential for employment to youth across the port towns in the State.
"This will be possible through new maritime operations and other supplementary trades."
Other ports in the state include Visakhapatnam, one of the country's largest ports in terms of cargo handled.
Last year bunkering at Cochin Port in the South Western state of Kerala was said to be on the rise after a reduction in tax on bunkers.
