Business
Centre Hikes Windfall Tax On Domestic Crude Oil, Cuts Duty On Diesel And ATF
Pumps draw petroleum from oil wells through the night (Representative Image) (David McNew/Getty Images)
The Central government on Friday (16 September) revised the windfall tax on domestically produced crude oil, raising it to Rs 10,000 per tonne from the previous rate of Rs 6,700 per tonne.
Further, the government has reduced the export duty on diesel from Rs 6 to Rs 5.50 per litre.
Similarly, the duty on Aviation Turbine Fuel (ATF) has been decreased to Rs 3.50 per litre from its earlier rate of Rs 4 per litre. These revised rates will be applicable from 16 September i.e. today.
The export duty on petrol will continue to remain nil, Economic Times reported.
Previously, on September 2, the Centre had slightly reduced the windfall tax on domestically produced crude petroleum, setting it at Rs 6,700 per tonne from Rs 7,100 per tonne.
Earlier on 1 July 2022, the government had imposed an export duty of Rs 6 per litre on both petrol and ATF, along with a duty of Rs 13 per litre on diesel exports.
A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.
Since then, the government has been periodically reviewing these levies every two weeks, taking into consideration the fluctuating global crude oil prices.
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