Oil Prices: Windfall tax on crude up 165% as oil nears $85/barrel – Times of India

libralboy1986 August 1, 2023

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NEW DELHI: The Centre raised windfall gains tax on domestic crude by 165% from Rs 1,600 to Rs 4,250 per tonne from August 1 to suck out some of the benefits accruing to producers such as ONGC and Oil India Ltd from global oil prices shooting past the $80 per barrel mark in the last fortnight.

Export tax by way of special additional excise duty on outbound shipments of diesel made a comeback at Rs 1 per litre as global benchmark margins hardened but remained unchanged at nil on petrol and jet fuel.
The windfall on crude tax was made nil from May 16 as oil prices dropped to $70s but was reimposed on July 15 as oil rebounded.

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libralboy1986 August 1, 2023

0 33 1 minute read

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