From 6,700 to 10,000 per tonne,the government raised the windfall tax on the sale of locally produced crude oil
With effect from September 16, the government increased the windfall tax on the sale of locally produced crude oil from 6,700 to 10,000 per tonne.
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The central government announced on Friday, September 15, that the special additional excise tax (SAED) on aviation turbine fuel (ATF) has been decreased from Rs.4 to Rs.3.50/litre with effect from September 16.
Exports of petrol will continue to have no SAED. The SAED for fuel has been decreased from 6 to 5.50 rupees per litre, according to the notification. The government reduced the SAED on crude oil on September 2 during the most recent fortnightly review from 7,100 per tonne to 6,700 per tonne.
With effect from July 1, 2022, the Centre first levied windfall taxes on the sale of crude oil produced locally, as oil exploration and production firms generated substantial gains during multi-year prices for crude oil after Russia's invasion of Ukraine.
The increased tax on petrol, diesel and jet fuel exports was also implemented at a time when private refiners were mostly selling their products abroad due to higher pricing there rather than on the home market.
Since Saudi Arabia and Russia prolonged their voluntary oil supply restrictions through the end of the year, global crude prices have been on the rise.
Brent futures increased by 4 cents to $93.74 a barrel while WTI futures increased by 45 cents, or 0.5%. Early in the afternoon, Brent futures climbed to $94.63, its highest level since November 2022 and a 10-month high. Both contracts are on track for their highest quarterly advance since the first quarter of 2022 and are up around 4% for the week.
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