India on Monday raised windfall taxes on petrol, diesel and aviation turbine fuel (ATF) exports with effect from August 3, according to Finance Ministry notifications.
The export duty on petrol has been increased to Rs 3.5 per litre from Rs 2.5 per litre. The windfall tax on diesel exports has been raised to Rs 25.5 per litre, including the Road Infrastructure Cess (RIC), from Rs 15.5 per litre. The levy on ATF exports has also been increased to Rs 22 per litre from Rs 14.5 per litre.
The latest revision is part of the Centre’s fortnightly review of windfall taxes on petroleum products. The government adjusts these levies based on changes in global oil prices, export margins and market conditions.
Windfall taxes are imposed on petroleum products when refiners and producers benefit from unusually high gains due to elevated international energy prices.
