India Adjusts Windfall Tax on Oil
OIL & GAS

India Adjusts Windfall Tax on Oil

he windfall tax on petroleum crude was increased to Rs 12,100 per ton from Rs 10,000, effective from September 30. This adjustment was made when oil prices reached $95 per barrel. Subsequently, oil prices decreased but have started to rise again, partly due to the Israel-Hamas conflict.

Additionally, the windfall tax on aviation turbine fuel has been reduced from Rs 3.50 per litre to Re 1, and the tax on diesel has been lowered from Rs 4 per litre to Rs 3. These changes are expected to benefit downstream oil refiners that export petroleum products.

The Indian government initially imposed the windfall tax on crude oil producers in July last year and extended the levy to exports of gasoline, diesel, and aviation fuel. This extension was a response to private refiners earning profits from robust refining margins in overseas markets rather than selling their products domestically.

he windfall tax on petroleum crude was increased to Rs 12,100 per ton from Rs 10,000, effective from September 30. This adjustment was made when oil prices reached $95 per barrel. Subsequently, oil prices decreased but have started to rise again, partly due to the Israel-Hamas conflict. Additionally, the windfall tax on aviation turbine fuel has been reduced from Rs 3.50 per litre to Re 1, and the tax on diesel has been lowered from Rs 4 per litre to Rs 3. These changes are expected to benefit downstream oil refiners that export petroleum products. The Indian government initially imposed the windfall tax on crude oil producers in July last year and extended the levy to exports of gasoline, diesel, and aviation fuel. This extension was a response to private refiners earning profits from robust refining margins in overseas markets rather than selling their products domestically.

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?