Government reduces windfall tax on crude oil to Rs 3,250 – Details

India on June 1 reduced the windfall tax on crude oil from Rs 5,700 to Rs 5,200 per tonne. Starting in July 2022, India began taxing crude oil production and exports of gasoline, diesel and jet fuel to regulate private refiners that wanted to sell fuel abroad rather than locally to take advantage of robust refining margins.

India cuts windfall tax on crude oil to Rs 3,250 per tonne (Image source: iStockphoto)

The Indian government cut it windfall tax on crude oil from 5,200 rupees to 3,250 Indian rupees ($38.90) per tonne, effective June 15, according to a notice issued on Friday.

The tax, which is reviewed every two weeks, remained unchanged at zero diesel and aviation turbine fuel.

India on June 1 reduced the windfall tax on crude oil from Rs 5,700 to Rs 5,200 per tonne.