Government hikes windfall tax on crude petroleum, diesel

SAED on the export of diesel too has been hiked to ₹1.50 a litre from nil earlier

Published - February 15, 2024 10:44 pm IST - New Delhi

Image used for representative purpose only.

Image used for representative purpose only. | Photo Credit: REUTERS

The government on Thursday hiked windfall tax on domestically produced crude oil to ₹3,300 per tonne from ₹3,200 per tonne with effect from Friday.

The tax is levied in the form of a Special Additional Excise Duty (SAED).

According to an official notification, SAED on the export of diesel too has been hiked to ₹1.50 a litre from nil earlier.

On petrol and jet fuel or ATF, the levy will be retained at nil.

The new rates are effective from February 16.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

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