New Delhi (India), 2nd May 2023: According to a government statement, India has reduced the windfall tax on petroleum crude oil from 6,400 rupees per tonne to 4,100 rupees ($50.14) per tonne, effective Tuesday.
The administration decided to keep the windfall tax on gasoline, diesel, and aviation turbine fuel at zero. The government adjusts tax rates every two weeks in response to changes in oil prices.
On April 4, India reduced the windfall tax on petroleum crude from 3,500 rupees per tonne to zero. However on April 19, the crude tax was raised to 6,400 rupees per tonne.
Last July, India imposed a windfall tax on crude oil producers and extended the levy on petrol, diesel and aviation fuel exports after private refiners wanted to profit from high refining margins in overseas markets rather than selling at home.
