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Govt Hikes Windfall Tax on Petroleum Crude
The Indian authorities has raised its windfall tax on petroleum crude for the fifth time since February to Rs 6,800
The Indian authorities has raised its windfall tax on petroleum crude for the fifth time since February to six,800 Indian rupees ($81.43) a metric ton from 4,900 rupees with impact from April 4, the federal government stated in a notification on Wednesday.
The windfall tax, which is revised fortnightly, stays at zero for diesel and aviation turbine gasoline.
On March 15, the federal government raised the windfall tax on petroleum crude to 4,900 rupees a metric ton from 4,600 rupees.
India launched the tax in July 2022 on crude oil producers, and on exports of gasoline, diesel and aviation gasoline, as a result of personal refiners needed to promote gasoline abroad to realize from strong refining margins as an alternative of promoting domestically.
($1 = 83.5035 Indian rupees)
