Govt again hikes windfall tax on petroleum crude to ₹9,600 per tonne
Notably, diesel and aviation turbine fuel will remain unaffected and maintain a zero windfall tax rate
Notably, diesel and aviation turbine fuel will remain unaffected and maintain a zero windfall tax rate
In the first six months of 2024, the country's oil demand is projected to expand by an average of around 250 thousand barrels per day year-on-year.
Reduced petrol and diesel prices will benefit the citizens through more disposable income, says government
India has a chance to catch up with the front-runners such as China, says report
It may be noted that the WPI based inflation in May 2023 contracted 3.48% year-on-year compared with 0.92% contraction in April 2023.
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.
The tax rates are revised every fortnight based on prevailing international rates.
On July 1 this year, the Indian government joined a group of nations that imposed a windfall tax on crude oil owing to soaring energy prices.
State-run oil marketing companies have booked a combined loss of ₹27,276 crore in the first six months of the ongoing financial year, says Union minister Hardeep Puri.
HPCL posted a back-to-back quarterly loss amid continued decline in margins due to a freeze on retail prices of petrol and diesel.