Business Standard

Monday, December 23, 2024 | 10:46 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Govt cuts windfall tax on petroleum crude to Rs 4,100/tonne from Rs 6,400

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero

petrol pump

Reuters

Listen to This Article

(Reuters) -India has cut the windfall tax on petroleum crude to Rs 4,100 ($50.14) per tonne from Rs 6,400 per tonne, effective from Tuesday, according to a government notification.

The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero.

The government revises tax rates fortnightly based on oil price fluctuations.

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.

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.

 

($1 = 81.77 Indian rupees)

(Reporting by Mrinmay Dey and Nikunj Ohri; Editing by Shailesh Kuber and Leslie Adler)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 02 2023 | 6:41 AM IST

Explore News