The central government has hiked windfall tax on petroleum crude to Rs 4,250 ($51.68) per tonne from Rs 1,600 with effect from August 1, 2023. The windfall tax on petrol and aviation turbine fuel has been left unchanged.
A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday.
In July, the government raised the windfall tax on petroleum crude to Rs 1,600 per tonne from zero.
Central Government increases windfall tax on domestic crude oil with effect from today.Special Additional Excise Duty (SAED) on crude petroleum increased from Rs 1600/tonne to Rs 4250/tonne. SAED on Diesel will increase from Nil/litre to Rs 1/litre. pic.twitter.com/S4SgIRZynw
— ANI (@ANI) August 1, 2023
India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.
Govt had cut the windfall tax on petroleum crude to zero from 4,100 rupees ($50.13) per metric ton, in May.
On April 4, India cut the windfall tax on petroleum crude to zero from 3,500 rupees per tonne previously. The levy on crude was hiked to 6,400 rupees per tonne on April 19.
(With Reuters inputs)
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