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The government has cut the windfall tax on petroleum crude to ₹3,250 ($38.90) per metric tonne from ₹5,200, effective June 15, according to a notification issued on Friday.
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel.
- Also read: India’s coal import rises 13% in February
The government, on June 1, cut the windfall tax on petroleum crude to ₹5,200 per metric tonne from ₹5,700.
From July 2022, India started taxing crude oil production and exports of gasoline, diesel and aviation fuel to regulate private refiners which wanted to sell fuel overseas instead of locally to gain from robust refining margins.
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