India Hikes Taxes On Fuel Exports, Slashes Windfall Tax On Local Crude
1 mins read
Published on August 19, 2022
India on Thursday raised fuel export taxes despite only cutting them a little over two weeks ago, and slashed a windfall tax on locally produced crude oil, according to a government notification.
India increased export taxes on jet fuel to 2 rupees per litre from zero and diesel to 7 rupees per litre from 5 rupees, the finance ministry notification said.
Tax on domestically produced crude oil was cut to 13,000 rupees per tonne from 17,750 rupees per tonne, it added. The latest changes will be effective from Aug. 19.
Last week a top government source told Reuters that India, the world's third largest oil importer, would review the windfall tax on petroleum products.
The country had reduced fuel export taxes and raised the windfall tax earlier this month.
Great Deals on Used CarsView All Used Cars
- 41,489 km
- 1,18,054 km
- 22,376 km
- 44,300 km
- 84,000 km
- 77,000 km
- 47,549 km
- 85,000 km
- 70,123 km
- 49,000 km
2 hours ago
The Kia Sonet facelift is slated to be unveiled on December 14. The leaked brochure reveals details about its specifications, features and variants.
Enyaq 85 SUV offers over 560 kms of range while the coupe variant sees range increased to over 570 km.
The latest spy shots of the Tata Punch EV reveal the new LED DRL design on the offering, while the all-electric offering is expected to bring comprehensive upgrades.
This support initiative will run for 10 days from 8 December to 18 December for customers of Tamil Nadu, Andhra Pradesh and Puducherry affected from the flash floods
The manufacturer also said that it would hike the prices of its commercial vehicle range
4 hours ago
The motorcycle is powered by a 457 cc parallel-twin engine that churns out 47 bhp of max power
5 hours ago
Tata Motors will extend the vehicle warranty of customers affected by Cyclone Michaung, while the company is taking additional measures to improve accessibility to service their vehicles
7 hours ago
Along with monetary aid, Hyundai Motor India Foundation is also working with the state government to delivery emergency relief and essential commodities
7 hours ago
The carmaker said that rising input costs necessitated the revision in pricing.
8 hours ago
Jawa Yezdi motorcycles is holding a mega service camp in Cochin, Kerala from December 14-17 for owners to get free check-ups
Brent crude futures rose 1.8%, to settle at $76.69 a barrel, while U.S. West Texas Intermediate crude (WTI) ended $1.23 higher at $70.90.
Brent crude settled down 1.2%, to $74.99 while West Texas Intermediate U.S. crude futures fell 1%, to $69.26 a barrel.
Brent crude futures fell by 78 cents to settle at $75.91 a barrel. U.S. West Texas Intermediate crude futures slid by 94 cents, to end the session at $69.96 a barrel.
According to the International Energy Agency (IEA), Russia's total exports of oil and petroleum products in February 2023 fell to 7.5 million barrels per day (bpd), from an average amount of 7.7 million bpd in 2022 (7.5 million bpd in 2021).
Fuel demand in February hit its highest level in at least 24 years, data from the website of the Petroleum Planning and Analysis Cell (PPAC) showed this month.