
Govt slashes windfall tax on domestic crude to ₹4,100; here’s how oil stocks reacted
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
With this the government, however, has left the windfall tax on petrol, diesel and aviation turbine fuel (ATF) or jet fuel unchanged.
Refiners must sell at least 50% of annual volume of petrol exports, 30% of diesel exports in India; move to ensure availability of refined fuel in India
Petrol sales up 8.9% to 2.8 million tonnes, while diesel sales surge 7.5% to 6.98 mn tonnes.
India continues to import fuel at a far cheaper rate despite the energy prices going through the roof due to Ukraine crisis, says Nirmala Sitharaman.
India's windfall tax on exports of locally-produced oil has helped reduce the state-owned refining and marketing companies' marketing losses, says Moody's.
Brent crude oil price has fallen 9.2% in the last two days to $78.01 per barrel, the lowest level since December 12, 2022.
The tax rates are revised every fortnight based on prevailing international rates.
The windfall tax on domestically produced crude oil has been halved to ₹4,900 per tonne from ₹10,200 per tonne, whereas the tax of export of diesel has been slashed to ₹8 per litre.
The equity benchmarks continued their record setting spree on Thursday, wherein Sensex and Nifty recorded fresh all-time highs of 63,583 and 18,887, respectively.
The combined index of eight core industries was dragged down by a contraction in the output of crude oil, natural gas, refinery products, and cement.