Team Blitz India
NEW DELHI: In a move aimed at regulating the petroleumsector, the Indian Government announced an increase in the windfall tax on petroleum crude. Effective from April 16, the tax rate has been raised to Rs 9,600 rupees ($114.99) per metric ton, up from the previous rate of 6,800 rupees, reported Reuters.
This revision, which occurs every fortnight, maintains the windfall tax at zero for diesel and aviation turbine fuel, providing some relief in those sectors.
The Government had previously raised the windfall tax on petroleum crude to Rs 6,800 per metric ton from Rs 4,900 rupees on April 4.
India tarted the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.
