 "oil, crude, petroleum, crude oil, oil barrels")
The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.
The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.
The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at Rs 1,850 per tonne.
The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from September 18, an official notification said.
India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.
 "The outcome was surprising. India was not supposed to overtake China for another few years. Earlier this month, two of the three leading global energy forecasters, whose reports are closely watched by traders, producers and investors, predicted that")
 "A sharp fall in global crude benchmarks will reduce costs of fuel, both oil and gas, to Indian consumers if State-run oil companies choose to pass them on")
 "As Brent crude price trades below $70 per barrel, analysts are backing aviation and tyre stocks and are cautious about paints and oil marketing companies (OMCs). “Oil prices are down over 20 per cent from their recent peak and bode well for sectors")
 "Savings for Indian refiners from purchasing Russian oil have decreased to a third of what they were in the years following Russia's invasion of Ukraine, which triggered global crises, sanctions, and discounted Russian oil seeking buyers. Despite this")
 "Oil, gas, fuel, crude oil")
