New Delhi, 16 July (H.S.):

Amid the ongoing crisis in West Asia, escalating geopolitical tensions and rising global crude oil prices, the Central Government has revised the windfall tax on petroleum product exports. Effective July 16, the government has increased the windfall tax on diesel and aviation turbine fuel (ATF) exports while reducing the levy on petrol exports.

According to a notification issued by the Ministry of Finance, the revisions have been made under the Special Additional Excise Duty (SAED) applicable to petroleum product exports. The windfall tax on diesel exports has been increased from ₹8.50 per litre to ₹15.50 per litre. Similarly, the levy on aviation turbine fuel (ATF) exports has been raised from ₹7.50 per litre to ₹14.50 per litre.

In contrast, the export duty on petrol has been reduced from ₹4 per litre to ₹2.50 per litre. The government had earlier imposed an export duty on petrol on May 16. Amid mounting tensions in West Asia, export duties on diesel and ATF were initially introduced on March 27. Since then, the Centre has been reviewing and revising the rates every fortnight.

The notification clarified that there has been no change in the existing duty rates applicable to petrol and diesel supplied for domestic consumption.

According to the government, the windfall tax has been revised with the objective of discouraging exports and ensuring adequate domestic availability of petroleum products against the backdrop of the ongoing West Asia crisis.

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Hindusthan Samachar / Jun Sarkar