India lowers windfall tax on domestically produced crude oil from ₹4,600 to ₹2,100/tonne, effective August 17 to support domestic fuel supply and oil industry.
India reduced its windfall tax on domestically produced crude oil from ₹4,600 per tonne to ₹2,100 per tonne, effective from August 17. The tax on the export of diesel, petrol, and jet fuel remains at nil. The move aims to encourage domestic supply of fuel and support the oil industry while maintaining export competitiveness. The windfall tax was first introduced on July 1, 2022, following other nations that tax energy companies' supernormal profits. Tax rates are reviewed every fortnight based on the average oil prices in the previous two weeks.
August 16, 2024
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