The Indian government on Monday cut the windfall tax on crude petroleum to nil from the earlier Rs 4,100 per tonne, according to a government notification. The new rates would be effective from Tuesday.

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The windfall tax on petrol, diesel and aviation turbine fuel continue to be at zero.

Two weeks back, the government had reduced the windfall tax on crude petroleum to Rs 4,100 per tonne from the earlier Rs 6,400 per tonne.

The government reviews the windfall tax decision every fortnight based on the international crude price rates.

The windfall wax was introduced by the government on July 1, 2022 following the windfall revenue earned by the oil industry in the international market in the wake of a supply crisis created due to Russia’s war on Ukraine.

Also read: India’s crude imports from OPEC at all-time low, Russian oil buy peaks

(Edited by : Pradeep John)

First Published:May 15, 2023 11:45 PM IST