New Delhi, Aug 3 (SocialNews.XYZ) The Indian government on Monday increased windfall taxes on exports of petroleum products, including petrol, diesel and aviation turbine fuel (ATF), as global crude oil prices remain volatile amid tensions linked to the Iran conflict.
According to a government order, the revised export duties have come into effect immediately to help ensure adequate domestic fuel availability while responding to fluctuations in international energy markets.
The export duty on petrol has been raised to Rs 3.5 per litre from Rs 2.5 per litre. The government said the increase is aimed at safeguarding domestic fuel supplies.
The total export duty on diesel has also been significantly increased. Through two separate tax levies, the duty has been raised to Rs 25.5 per litre from Rs 15.5 per litre that was applicable a fortnight ago.
Similarly, the export duty on aviation turbine fuel has been increased to Rs 22 per litre from Rs 14.5 per litre with effect from Monday.
The latest revision comes after last month the Centre has raised windfall taxes on exports of diesel and aviation turbine fuel (ATF) while lowering the levy on petrol exports, as surging global oil prices driven by the escalating US-Iran conflict boosted refining margins.
According to a Finance Ministry notification on July 16, the export duty on diesel has been increased to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on aviation turbine fuel has been raised to Rs 14.5 per litre from Rs 7.5 per litre.
At the same time, the government has reduced the export duty on petrol to Rs 2.5 per litre from Rs 4 per litre.
Last month, the Special Additional Excise Duty (SAED) on petrol exports was increased to Rs 4 per litre from Rs 1.5 per litre. At the same time, the export duty on diesel was reduced to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports was cut to Rs 7.5 per litre from Rs 12.5 per litre.
Source: IANS
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