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Business News/ Industry / Energy/  Government cuts windfall tax on petroleum crude effective tomorrow
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Government cuts windfall tax on petroleum crude effective tomorrow

The Indian government has announced a cut in windfall tax on petroleum crude, effective tomorrow

The Indian government announced late on Tuesday night a cut in windfall tax on petroleum crude, ATF (aviation turbine fuel) and diesel (AP)Premium
The Indian government announced late on Tuesday night a cut in windfall tax on petroleum crude, ATF (aviation turbine fuel) and diesel (AP)

The Indian government announced late on Tuesday night a cut in windfall tax on petroleum crude, ATF (aviation turbine fuel) and diesel. The government cut the tax on petroleum crude from 12,200/tonne to 9,050/tonne.

The change will be effective tomorrow, October 18.

The government will also cut windfall tax on ATF from 3.50/litre to 1/litre, and on diesel from 5/litre to 4/litre.

In the previous month, the finance ministry had raised the windfall tax on locally produced crude oil to 12,100 per tonne.

The government had said that the levy on sale of diesel has been decreased from 5.5 per litre to 5 per litre and from 3.5 per litre to 2.5 per litre on ATF. The revised levies would come into effect on 30 September.

Centre first imposed the windfall taxes on the sale of locally produced crude oil with effect from July 1, 2022 as oil exploration and producing companies made heavy profits amid multi-year high crude oil prices post Russia’s invasion of Ukraine.

Meanwhile, Oil prices in the international market edged higher on Tuesday, October 17, ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas.

At the time of writing this copy, Brent futures rose $0.74 to $90.39 a barrel, while US West Texas Intermediate (WTI) crude rose $0.69 to $87.35.

Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, was last trading lower by 0.7 per cent at 7,188 per bbl, having swung between 7,132 and 7,528 per bbl during the session so far, against a previous close of 7,239 per barrel.

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Published: 17 Oct 2023, 11:07 PM IST
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