The government increases the windfall tax on petroleum and lowers the export charge on diesel

According to a government announcement released on Friday, the windfall tax on petroleum oil in India has raised from 6,700 rupees per ton to 10,000 rupees ($120.36) per ton, effective as of September 16.

Additionally, the government reduced the windfall tax on aviation turbine fuel from 4 to 3.50 rupees per litre.

According to the statement, the tax on diesel has been reduced from 6 rupees per litre to 5.50 rupees.

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

Since private refiners preferred to profit from high refining margins in foreign markets rather than domestic sales, India expanded the charge on gasoline, diesel, and aviation fuel exports in July of last year and imposed the windfall tax on crude oil producers.