Government Reduces Windfall Tax on Crude Petroleum to ₹5,000 per Tonne, Leading to a Decrease in Jet Fuel Prices

03 Dec Government Reduces Windfall Tax on Crude Petroleum to ₹5,000 per Tonne, Leading to a Decrease in Jet Fuel Prices

Posted at 18:26h in News by
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The government on December 1 has lowered the windfall tax on crude petroleum to Rs. 5,000 per tonne from Rs 6,300 a tonne. The levy on jet fuel too has been lowered to Rs 1.06 lakh per kilo litre (kL) from Rs 1.11 lakh/kL.

The windfall tax is revised every fortnight based on the movements of international crude and product prices. Crude oil prices are currently trading around $82 per barrel.

In the last fortnightly review on November 16, the government slashed windfall tax on crude petroleum to Rs 6,300 per tonne to Rs 9,800 per tonne.

India first imposed windfall tax in July 2022 amid soaring crude oil prices. Windfall tax is levied by governments when an industry unexpectedly earns large profits — primarily due to an unprecedented event.

Read official notification here

Source: https://www.moneycontrol.com/news/business/economy/centre-lowers-windfall-tax-on-crude-to-rs-5000tonne-11837531.html

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