Govt raises windfall tax on petroleum crude to Rs 6,000 per metric tonne

On June 15, government had cut the windfall tax on petroleum crude to Rs 3,250 ($38.90) per metric tonne from Rs 5,200, according to a official notification

The Indian government has raised the windfall tax on petroleum crude to Rs 6,000 ($72) per metric tonne from Rs 3,250, effective from July 2, a notification issued on Monday showed.

The windfall tax, which is revised every two weeks, remained unchanged at zero for diesel and aviation turbine fuel.

India had on June 15 cut the windfall tax on petroleum crude to Rs 3,250 per tonne from Rs 5,200 two weeks before.

From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners that wanted to sell fuel overseas instead of locally to gain from robust refining margins.