Windfall Tax On Crude Oil Hiked And Cut For Aviation Fuel

The government has increased the windfall tax on petroleum crude to 10,000 rupees ($120.36) per ton from 6,700 rupees, effective September 16, according to a government notification on Friday.

The government also cut the windfall tax on aviation turbine fuel to 3.50 rupees per litre from 4 rupees.

The levy on diesel has been cut to 5.50 rupees per litre from 6 rupees, the notification said.

On September 1, the government cut the windfall tax on petroleum crude to 6,700 rupees per ton from 7,100 rupees.

India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

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