The government brought down the tax on domestically produced crude oil to Rs 9,500 per tonne from Rs 11,000, effective November 2
Govt cuts windfall profit tax on crude oil
The Narendra Modi government on Tuesday slashed the levy on domestically produced crude oil. However, it hiked the tax on export of diesel and jet fuel or ATF in sync with the high international prices.
During the fortnightly review of windfall tax, the government brought down the tax on domestically produced crude oil to Rs 9,500 per tonne from Rs 11,000, effective November 2, an official notification said.
The windfall tax on jet fuel or ATF was increased from the earlier Rs 3.50 per litre to to Rs 5 per litre.
The Finance Ministry has also increased the levy on export of diesel from the existing Rs 12 per litre to Rs 13 per litre.
On Monday, the cost of petrol in Delhi was Rs 96.72 while it was Rs 106.03, Rs 106.31 and Rs 102.63 in Kolkata, Mumbai and Chennai respectively.
The drop in the fuel prices came after more than six months as the last reduction in price was done by the government on April 7, 2022.