New Delhi, 15 August (H.S.): The Central Government has reduced the windfall tax imposed on exports of petrol, diesel and aviation turbine fuel (ATF), with the revised rates coming into effect from August 14.

According to a notification issued by the Ministry of Finance, the export duty on petrol has been completely withdrawn, bringing the rate down to zero, while the levy on diesel and jet fuel has also been reduced.

Under the revised rates, the Special Additional Excise Duty (SAED) on diesel exports has been reduced from Rs. 25.5 per litre to Rs. 24 per litre.

Similarly, the SAED on aviation turbine fuel exports has been cut to Rs. 19.5 per litre from the earlier Rs. 22 per litre. The levy on petrol exports has been reduced to zero from Rs. 3.5 per litre.

The Finance Ministry, in its notification, said the revised duties would take effect from August 14. It clarified that there has been no change in the existing duty rates applicable to petrol and diesel for domestic consumption.

The windfall tax was imposed amid the ongoing crisis in West Asia with the objective of ensuring adequate domestic availability of fuel.

Amid escalating tensions in West Asia, the government had imposed the export levy on diesel and ATF on March 27. A similar duty was imposed on petrol exports from May 16. The government reviews the rates every fortnight based on prevailing market conditions.

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Hindusthan Samachar / Jun Sarkar