Business Standard

Govt hikes windfall tax on crude to Rs 6,800 for 5th time since Feb

The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel

Crude, Crude oil

On March 15, the government raised the windfall tax on petroleum crude to Rs 4,900 a metric ton from Rs 4,600 | Photo: Bloomberg

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The Indian government has raised its windfall tax on petroleum crude for the fifth time since February to Rs 6,800 ($81.43) a metric tonne from Rs 4,900 with effect from April 4, the government said in a notification on Wednesday.
The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel.
On March 15, the government raised the windfall tax on petroleum crude to Rs 4,900 a metric ton from Rs 4,600.
India introduced the tax in July 2022 on crude oil producers, and on exports of gasoline, diesel and aviation fuel, because private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally.
 
 

(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.)

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First Published: Apr 04 2024 | 6:39 AM IST

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