Tuesday, January 3, 2023

India increases unforeseen taxes on petroleum, diesel, and aviation fuel

India raises windfall tax on crude, diesel, aviation fuel

 India has raised its bonus charge on petrol, unrefined petroleum and flight turbine fuel, as indicated by an administration request dated January 2.

According to the order, it increased the windfall tax on crude oil from Rs 1,700 ($20.55) per tonne to Rs 2,100 ($20.55) per tonne beginning on Tuesday.

According to the document, the government also increased the windfall tax on ATF to Rs 4.5 per liter from Rs 1.5 and increased the export tax on diesel to Rs 6.50 per liter from Rs 5.

India, the world's biggest buyer and shipper of oil, has been purchasing Russian rough barrels at well under a $60 cost cap concurred by the West.

After private refiners sought overseas markets to benefit from robust refining margins rather than selling at lower-than-market rates in the country, the nation imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel, and aviation fuel in July.

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