In a recent move effective June 15, India has reduced the windfall tax on petroleum crude from Rs 5,200 to Rs 3,250 per metric tonne, according to a government notification. The tax rate for diesel and aviation turbine fuel remains unaffected at zero. Implemented since July 2022, this tax adjustment aims to regulate private refiners, encouraging them to prioritize domestic fuel sales over exports, which offer higher refining margins. This strategic tax revision seeks to balance economic interests, ensuring adequate domestic fuel availability while managing global market dynamics.
India Adjusts Windfall Tax on Petroleum Crude Amidst Economic Strategy Shift
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