New Delhi, Oct 18 (SocialNews.XYZ) The central government has reduced the windfall tax on domestic crude oil with effect from October 18 from Rs 12,200 a tonne to Rs 9,050 in its fortnightly review which will benefit upstream oil companies, including ONGC and Oil India Ltd (OIL).
The windfall tax on petroleum crude was raised to Rs 12,100 a ton from Rs 10,000 with effect from September 30 as oil prices at the time had soared to $95 a barrel. Oil prices came down but have started heading north again in the wake of the Israel-Hamas conflict.
The windfall tax on aviation turbine fuel has also been cut from Rs 3.50 a litre to Re 1 and that on diesel from Rs 4 a litre to Rs 3 which is expected to benefit the downstream oil refiners that export petroleum products.
The government first imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners started making gains from robust refining margins in overseas markets, instead of selling at home.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz