India hikes windfall tax on petroleum crude to Rs.4,600 per tonne from March 1
The Indian government has announced a revision in the windfall tax rates on petroleum crude, effective from March 1. According to an official government order released on Thursday, February 29, the windfall tax on petroleum crude has been increased to Rs. 4,600 ($55.51) per metric ton, up from the previous rate of Rs. 3,300.
Simultaneously, the government has made adjustments to the windfall tax on diesel, reducing it to zero from Rs. 1.50 per litre. This move is expected to have a direct impact on diesel prices, providing relief to consumers starting March 1, as per the order.
Notably, the windfall tax on petrol and aviation turbine fuel remains unchanged and will continue to be nil.
This latest update follows the government's decision on February 16 to raise the windfall tax on petroleum crude to Rs. 3,300 per metric ton from Rs. 3,200. Additionally, the tax on diesel was increased to Rs. 1.5 per litre from zero at that time.
