Government reduces the windfall taxes on crude oil production and on the export of refined products was cut for the second consecutive time owing to a fall in crude oil prices and gross refining margins. This was the sixth revision done since the taxes were first introduced on July 1, 2022.
On crude oil production, the taxes were reduced to Rs 8,000 per tonne from Rs 10,500 per tonne. On the export of diesel, the taxes were cut to Rs 5 per litre from Rs 10 and on the export of ATF, taxes were completely removed from an earlier charged rate of Rs 5 per litre. On petrol, export tax continued to remain nil.
Watch the video to know the impact of this reduction in tax on oil refiners and oil producers.
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