India Imposes Export Tax of Rs 6 per Litre on Petrol, Rs 13 per Litre on Diesel; Windfall Tax of Rs 23.30 per Tonne on Domestic Crude Oil
The government on Friday slapped a Rs 6 per litre tax on exports of petrol and ATF and Rs 13 per litre on exports of diesel.
New Delhi, July 1: The government on Friday slapped a Rs 6 per litre tax on exports of petrol and ATF and Rs 13 per litre on exports of diesel. The government also slapped a Rs 23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices, a separate government notification showed.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US. US Bans Oil Imports From Russia, Moscow Threatens Gas Export Ban To Europe In Retaliation.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)