India News | Govt Hikes Windfall Tax on Crude Petroleum, Diesel

New Delhi, Feb 15 (PTI) The government on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with effect from Friday.

The tax is levied in the form of a Special Additional Excise Duty (SAED).

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According to an official notification, SAED on the export of diesel too has been hiked to Rs 1.50 a litre from nil earlier.

On petrol and jet fuel or ATF, the levy will be retained at nil.

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The new rates are effective from February 16.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)