Windfall Tax Hiked by Rs 3/Litre; Diesel and ATF Export Duty Slashed
In late February, the US and Israel began a war with Iran. This escalated tensions in West Asia. Meanwhile, Iran’s response caused a panic in the global oil market.
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Petrol-Diesel Price
Windfull Tax: Following an increase in petrol and diesel prices by Rs 3 per liter, the central government has made another significant decision. On Friday, the government revealed new adjustments to fuel export charges. A windfall tax of Rs 3 per liter has been introduced on petrol exports.
In addition, export duties on diesel and aviation turbine fuel (ATF) have been lowered, as stated in a notification from the Finance Ministry. Petrol exports will now incur a special additional excise charge. The updated petrol and diesel export rates will take effect on May 16.
What are the export duties for petrol and diesel?
As per a PTI report, a Special Additional Excise Charge (SAED) of Rs 3 per liter will currently apply to petrol exports. On the other hand, the export duty on diesel has been decreased from Rs 23 per liter to Rs 16.5 per liter. The tax on Aviation Turbine Fuel (ATF) has also been cut from Rs 33 per liter to Rs 16 per liter.
The Finance Ministry has confirmed that there will be no alterations to the duties imposed on petrol and diesel sold domestically. The ministry also mentioned that the road and infrastructure cess will not apply to the export of petrol and diesel. The government initially set export duties on diesel and ATF on March 26, at Rs 21.5 per liter and Rs 29.5 per liter, respectively. These duties were significantly raised on April 11, and then partially reduced during a review on April 30. The price of crude oil has surged to $100 per barrel.
This recent reduction is attributed to ongoing fluctuations in international crude oil markets, driven by tensions in West Asia. Crude oil prices have recently surpassed US$100 per barrel, compared to approximately US$73 per barrel before the conflict began. The government asserts that the changes in export duties are intended to ensure sufficient fuel availability within the country and to deter excessive exports during a period of high oil prices.
Petrol Diesel Price: What is the price of petrol and diesel?
Petrol and diesel prices were increased by Rs 3 per liter on Friday. Following this increase, the price of petrol in Delhi today, May 16, is Rs 97.77 per liter, and diesel has risen from Rs 87.67 to Rs 90.67.
The government has also clarified that there will be no change in the existing tax rates on petrol and diesel sold in the domestic market. This means that this tax will only apply to fuel exported. Additionally, the Road and Infrastructure Cess levied on the export of petrol and diesel has also been waived.
FAQs: People Also Ask
The government has also clarified that there will be no change in the existing tax rates on petrol and diesel sold in the domestic market. This means that this tax will only apply to fuel exported. Additionally, the Road and Infrastructure Cess levied on the…
The government has also clarified that there will be no change in the existing tax rates on petrol and diesel sold in the domestic market. This means that this tax will only apply to fuel exported. Additionally, the Road and Infrastructure Cess levied on the…
As per a PTI report, a Special Additional Excise Charge (SAED) of Rs 3 per liter will currently apply to petrol exports.
The Finance Ministry has confirmed that there will be no alterations to the duties imposed on petrol and diesel sold domestically. The ministry also mentioned that the road and infrastructure cess will not apply to the export of petrol and diesel. The government initially set…
This recent reduction is attributed to ongoing fluctuations in international crude oil markets, driven by tensions in West Asia. Crude oil prices have recently surpassed US$100 per barrel, compared to approximately US$73 per barrel before the conflict began. The government asserts that the changes in…
Sweta Mitra
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