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Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700 The Indian government has cut the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric tonne from Rs 5,700, effective on June 1, according to a notification issued on Friday. The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel. The Indian government on May 16 had reduced the windfall tax on petroleum to Rs 5,700 per metric tonne from Rs 8,400. India started taxing crude oil production and exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners which wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins. ©SHIRSENDU KARMAKAR #Petroleum #Crude_Oil

Govt cuts windfall tax on petroleum crude to Rs 5,200 per MT from Rs 5,700 The Indian government has cut the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric tonne from Rs 5,700, effective on June 1, according to a notification issued on Friday. The tax, which is revised every fortnight, remains unchanged at zero for diesel and aviation turbine fuel. The Indian government on May 16 had reduced the windfall tax on petroleum to Rs 5,700 per metric tonne from Rs 8,400. India started taxing crude oil production and exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners which wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins. ©SHIRSENDU KARMAKAR #Petroleum #Crude_Oil