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Windfall Tax: India raises windfall tax on crude, diesel, aviation fuel | India Business News


India has raised its windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated January 2.
It raised the windfall tax on crude oil to Rs 2,100 per tonne from Rs 1,700 ($20.55), effective on Tuesday, the order said.
The government also raised export tax on diesel to Rs 6.50 per litre from Rs 5, while raising the windfall tax on ATF to Rs 4.5 per litre from Rs 1.5, the document showed.
India, the world’s largest consumer and importer of oil, has been buying Russian crude barrels at well below a $60 price cap agreed by the West.
The country in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.



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