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Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

NewsDrum Desk

01 Jul 2022 00:00 IST

Updated On 01 Jul 2022 05:30 IST

New Update

New Delhi: The government on Friday slapped a Rs 6 per litre tax on exports of petrol and ATF and Rs 13 per litre on exports of diesel.

The government also slapped a Rs 23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices, a separate government notification showed.

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.

The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

India Crude oil Petrol Diesel Indian government ATF government decision Crude oil export Domestically produced crude oil Indian export of crude oil Private companies exporting Indian crude oil Capital gains Windfall gain international oil prices