Finance Ministry likely to end windfall tax as oil prices stabilise

In September, the government eliminated the windfall tax on domestically produced crude oil, reducing it to zero per tonne

The Ministry of Finance (FinMin) is reconsidering the windfall tax on the export of petrol, diesel, and aviation turbine fuel (ATF) as global crude oil prices have stabilised, a senior government official said speaking on the condition of anonymity.

 

According to sources, the FinMin is reviewing the relevance and effectiveness of the windfall tax, which is levied as special additional excise duty (SAED) and updated fortnightly based on average oil prices over the preceding two weeks. The Ministry of Petroleum and Natural Gas has already recommended a review in a letter to FinMin.

 

In September, the government eliminated the windfall