Govt Cuts Windfall Tax On Petroleum Crude To Rs 5,200 Per Ton

The Indian government has cut the windfall tax on petroleum crude to 5,200 Indian rupees ($62.33) per metric ton from 5,700 rupees, effective on June 1, according to a notification issued on Friday.

The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel.

The Indian government on May 16 had reduced the windfall tax on petroleum to 5,700 rupees per metric ton from 8,400 rupees.

India started taxing crude oil production and exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners which wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.