
Govt scraps windfall tax on domestic crude, hikes export duty on diesel
The government has hiked the export duty on diesel to ₹0.50 per litre from ₹1 per litre.
The government has hiked the export duty on diesel to ₹0.50 per litre from ₹1 per litre.
According to a notification by the Ministry of Petroleum and Natural Gas, the export duty on diesel has been hiked to ₹1 per litre from ₹0.50 per litre.
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.
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.
In the sixth round of revision, the windfall tax on domestic crude oil has been slashed by 24% to ₹8,000 per tonne from ₹10,500.
Shares of ONGC, Reliance, Adani Total Gas, Indraprastha Gas, CPCL, and MRPL saw selling pressure after the govt revised the windfall tax on crude oil
The govt increases the export levy on diesel to ₹7 per litre from ₹5 per litre. The ₹2/litre export tax on aviation turbine fuel imposed again
Around 76% of respondents to a survey say they will be able to afford less in coming years as higher import costs will get reflected in products they buy