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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.