Windfall tax on petroleum crude slashed 55 per cent

The Special Additional Excise Duty on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’

• Shajil Kumar
• 17 August, 2024

Follow Us

By: Shajil Kumar

THE GOVERNMENT has slashed windfall tax on domestically produced crude oil by nearly 55 per cent to ₹2,100 per tonne, from ₹4,600 per tonne with effect from Saturday.

The tax is levied in the form of Special Additional Excise Duty (SAED).

The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’.

The new rates are effective from August 17, an official notification said.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

Earlier, the windfall tax on crude was lowered by 34.2 per cent to ₹4,600 per tonne on July 31.

Oil prices fell about two per cent on Friday, with Brent crude just below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. (Agencies)