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Govt revises windfall gains tax for petrol and diesel exports

On Friday, India revised its windfall tax on fuel exports effective Oct 16, raising the petrol levy to 2.5 rupees per litre while cutting the diesel duty to 8.5 rupees per litre.
Export duties are reviewed every fortnight by the government, adjusting levies in line with movements in international crude oil and petroleum product prices. This mechanism ensures rates stay current with market shifts.
Petrol export duty increased to 2.5 rupees per litre from 0.5 rupees, while diesel levies fell to 8.5 rupees per litre from 16 rupees; the duty on ATF remained at 10.5 rupees per litre.
The Finance ministry imposed these levies to increase domestic fuel availability and prevent exporters from taking undue advantage of price differences as global crude prices remained elevated.
Escalating tensions in West Asia, including US-Iran and Russia-Ukraine conflicts, have boosted freight and insurance rates, pushing crude oil prices around $95 per barrel according to LSEG data cited by Reuters.

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Govt hikes windfall tax on petrol, cuts levy on diesel exports

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Govt hikes petrol export duty to Rs 2.5 per litre, cuts diesel duty to Rs 8.5

India has raised the petrol export duty while reducing the levy on diesel shipments. The contrasting revisions reflect fortnightly adjustments linked to global crude and petroleum product prices.

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