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Government scraps windfall tax on petrol, diesel, and ATF exports

The windfall tax was introduced in July 2022 when the Russia-Ukraine war and Western sanctions lead to surging crude oil prices, hugely profiting oil companies

Windfall tax is a special tax on domestic crude oil production which aims to capture revenue from the windfall gains of oil producers(Representational Image/Pixabay)
Published on Dec 02, 2024 03:40 PM IST

India reduces import of Russian crude oil over pricing

The development has coincided with reports of more than a dozen Russian tankers being diverted from India since December

The development has coincided with reports of more than a dozen Russian tankers being diverted from India since December.(Reuters)
Updated on Jan 12, 2024 05:03 AM IST
ByRajeev Jayaswal, , New Delhi

Govt cuts windfall profit tax on crude oil, hikes levy on export of diesel, ATF

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC), was cut to ₹9,500 per tonne from ₹11,000, beginning November 2, a government notification showed.

Representational image.(Reuters)
Published on Nov 01, 2022 11:02 PM IST
PTI |

Retail prices of petrol, diesel may not be cut due to volatile oil market

International oil prices are volatile. Benchmark Brent that fell to $88 a barrel on Wednesday -- lowest in about seven months – and remained below $90 on Thursday at $89.15 per barrel on demand concerns (Chinese slowdown and tightening of global interest rates).

 As per the usual practice, the windfall profit tax on petroleum that was imposed on July 1, is revised fortnightly. (Ramesh Pathania)
Published on Sep 10, 2022 07:17 AM IST
ByRajeev Jayaswal, New Delhi

Relief to refiners: Crude oil import price falls below $100 in Aug 1st week

According to official data, India’s average petrol price benchmark in the first week of August fell 27% to $108.78 per barrel compared to the average monthly peak in June at $148.82 a barrel.

The three state-run firms that control over 90% domestic fuel trade have suspended their daily pricing policy and frozen pump prices of petrol and diesel since April 7 amid rising inflation. (REUTERS/Richard Carson/File Photo)
Published on Aug 07, 2022 03:49 AM IST
ByRajeev Jayaswal, New Delhi
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