Centre hikes windfall tax on crude oil to ₹6,000 per tonne from ₹3,250

Jul 02, 2024 07:34 AM IST

The Centre raised windfall tax on petroleum crude to 6,000 rupees ($72) per metric ton from 3,250 rupees, effective from July 2, a notification showed. The windfall tax is revised every two weeks and as per the notification it remained unchanged at zero for diesel and aviation turbine fuel.

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Earlier, the government had cut the windfall tax on petroleum crude to 3,250 rupees per ton from 5,200 rupees on June 15. From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners that wanted to sell fuel overseas instead of locally to gain from robust refining margins.