SunSirs: The Indian Government Raised the Windfall Tax on Crude Oil and Diesel
February 18 2024 11:04:19 SunSirs (Selena)
According to a notice released on Thursday, the Indian government will increase the windfall tax on crude oil from 3,200 rupees per ton to 3,300 rupees (39.76 US dollars) starting from February 16th.
The windfall tax on diesel has also been raised to 1.50 rupees per liter, which has previously dropped to zero.
The windfall tax on aviation turbine fuel (ATF) and gasoline will continue to be zero.
On February 3rd, India raised the windfall tax on crude oil from 1,700 rupees per ton to 3,200 rupees, while the windfall tax on diesel, ATF, and gasoline was zero.
Starting from July 2022, India will impose a windfall tax on crude oil producers and expand it to export taxes on gasoline, diesel, and aviation turbine fuels, as private refiners hope to sell fuel overseas to profit from strong refining profits rather than selling locally. The government revises the windfall tax every two weeks.
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