Government Slashes Windfall Tax on Crude Petroleum

A government notification states that the Centre has reduced the windfall tax on crude oil from ₹6,400 per tonne to ₹4,100 ($50.14) per tonne, beginning May 2. On gasoline, diesel, and aviation turbine fuel, the government has left the windfall tax at zero. Weekly adjustments to tax rates are made by the government based on changes in the price of oil.

India reduced the windfall tax on crude oil from 3,500 rupees per tonne to zero on April 4. On April 19, the tax on crude was increased to 6,400 rupees per tonne. Last July, India extended the levy on petrol, diesel, and aviation fuel exports and imposed a windfall tax on crude oil producers after private refiners wanted to profit from high refining margins in foreign markets instead of selling at home.

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