The government raised its windfall tax on petroleum crude to Rs 3,200/ton from Rs 1,700 on Saturday while keeping the windfall tax on diesel and aviation turbine fuel at zero.
On Jan. 16, the government cut windfall tax on petroleum crude from Rs 2,300 a ton.
From July 2022, India imposed a windfall tax on crude oil producers, and extended the levy on exports of gasoline, diesel and aviation fuel as private refiners wanted to sell fuel overseas to make gains from robust refining margins instead of selling locally.
It revises the tax every two weeks.
On Jan. 16, the government cut windfall tax on petroleum crude from Rs 2,300 a ton.
From July 2022, India imposed a windfall tax on crude oil producers, and extended the levy on exports of gasoline, diesel and aviation fuel as private refiners wanted to sell fuel overseas to make gains from robust refining margins instead of selling locally.
It revises the tax every two weeks.
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