Government Implements Windfall Tax Elimination on Diesel Starting March 1, Maintains Zero Tax on Petrol and Aviation Turbine Fuel.
According to a government order issued on Thursday, February 29, the government has raised the windfall tax on petroleum crude from ₹3,300 to ₹4,600 per metric ton, effective March 1. Additionally, the order indicates a notable adjustment in the windfall tax on diesel, reducing it to zero from the previous rate of 1.50 per litre, also effective from March 1. Notably, the windfall tax rates for petrol and aviation turbine fuel remain unchanged at zero, as per the order.
The Government Implements Third Consecutive Increase in Windfall Tax on Domestic Crude Oil This Month. On February 15, Windfall Tax on Domestic Crude Oil Rose to ₹3,300 per Tonne from ₹3,200 per Tonne, Alongside a Hike in Diesel Tax to ₹1.5 per Litre from Zero.
India’s Implementation of Windfall Tax on Crude Oil Producers and Export Levy Extension Reflects Strategic Shift in Fuel Trading. OPEC Forecasts Strong Oil Demand Amidst Persistent Price Volatility.
Global Crude Oil Prices Maintain Stability Despite Geopolitical Tensions; OPEC Predicted to Extend Supply Agreement Amid Uncertain Demand Outlook.