News Oil & Gas

crude oil: Centre hikes windfall tax on crude oil to Rs 12,000 per tonne

The centre on Friday hiked the windfall tax on domestically produced crude oil to Rs 12,000 per tonne from Rs 10,000 earlier. The new rates shall come into effect from September 30, 2023.

Meanwhile, the government also decided to slash windfall tax on export of diesel to Rs 5 per litre from Rs 5.50 per litre and Aviation Turbine Fuel (ATF) to Rs 2.50 per litre from Rs 3.50 per litre.

However, export of petrol continues to remain out of the ambit of windfall tax, the Finance Ministry said.

In its last revision dated September 15, the centre had hiked windfall tax on crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne earlier.

The export duty on diesel was slashed to Rs 5.50 per litre from 6 per litre earlier and reduced duty on Aviation Turbine Fuel (ATF) to Rs 3.50 per litre from the earlier Rs 4 litre.

On July 1, 2022 the government imposed an export duty of Rs 6 per litre on petrol and ATF and a Rs 13 per litre duty on export of diesel.A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.Since then, the centre has been reviewing the levies every fortnight or so based on global crude oil prices.

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