The windfall tax on the export of domestic crude oil was today reduced by the Centre from Rs 11,000 per tonne to Rs 9,500 per tonne.

However, the windfall tax on aviation fuel exports has increased from Rs 3.50 to Rs 5 per litre, while it has climbed from Rs 12 to Rs 13 per litre for diesel.

The government has announced that the adjustments to the windfall tax on oil products will take effect on November 2.
The government has maintained that  the levy was instituted in response to the windfall profits realised by domestic crude producers and refiners as a result of high global crude and product prices.

The government had said that it will evaluate the windfall tax on domestic crude oil every two weeks.

The fee was supposed to relieve consumers by making up for the decrease in the excise duty on gasoline and diesel. However, it is anticipated that the government's revenue will decrease due to the windfall cess's decline from its initial levels.

The main exporters of fuels including diesel and ATF are Rosneft-based Nayara Energy and private refiners Reliance Industries Ltd. Producers like the government-run Oil and Natural Gas Corporation (ONGC) and Vedanta Ltd., are targeted by the windfall charge on domestic crude.

Crude oil price hike to weaken Indian Oil Cos if net realisation doesn’t go up: Moody’s

Petrol and diesel prices changed today or not, know here?

What is the price of petrol and diesel in your city today, know here?