New Delhi, Jun 15 (PTI) The government has reduced windfall tax on domestically-produced crude oil to Rs 3,250 per tonne from Rs 5,200, with effect from Saturday.

The tax is levied in the form of Special Additional Excise Duty (SAED). SAED on export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'.

Also Read | TRAI Allots New 160 Mobile Phone Series for Making Transactional and Service Voice Calls for All Entities Regulated by RBI, SEBI, IRDAI and PFRDA To Curb Spams.

The new rates are effective from June 15, an official notification said.

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

Also Read | Delhi Fire: Significant Blaze Erupts at Block C Market in Vasant Vihar Locality, Doused Off (See Pics and Video).

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)