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Govt slashes windfall tax on petroleum crude to Rs 5,200 pmt
Windfall Tax
Photo Courtesy: Representational image by Conrad Marshall on Pexels

Govt slashes windfall tax on petroleum crude to Rs 5,200 pmt

| @indiablooms | 01 Jun 2024, 03:50 pm

New Delhi/IBNS: The government has reduced the windfall tax on petroleum crude to Rs 5,200 ($62.33) per metric ton, down from Rs 5,700 per metric ton, according to a notification issued on Friday (May 31).

This change takes effect on June 1, as per reports.

According to reports, the biweekly-adjusted windfall tax remains unchanged at zero for both diesel and aviation turbine fuel.

The oil marketing companies have also reduced the prices of 19-kg commercial LPG gas cylinders by Rs 69.50, effective immediately from June 1.

As per reports, the windfall tax on petroleum crude has seen several reductions in recent months.

Earlier on May 16, the tax was slashed from Rs 8,400 to Rs 5,700 per metric ton, following a previous cut from Rs 9,600 to Rs 8,400 per metric ton on May 1.

In July, 2022, the Government of India introduced the windfall tax on crude oil production and the export of gasoline, diesel, and aviation fuel.

The windfall tax was designed to manage private refiners who were prioritizing exports to take advantage of high refining margins rather than supplying the domestic market, according to reports.

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