Centre hikes windfall tax on domestic crude oil, jet fuel and diesel export

The govt has hiked tax on domestically produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne.

The Centre has increased the Special Additional Excise Duty, commonly known as windfall tax, on domestically produced crude oil and export of aviation turbine fuel and diesel following the recent decision by the Organization of the Petroleum Exporting Countries and allies' (OPEC+) to cut their oil production. The new rates will be effective October 16.

OPEC+'s move has pulled global prices, showing an average price of over $90 per barrel.

According to the government notification on Saturday, it has hiked tax on domestically produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne.

It has also hiked