Govt reduces Windfall Tax on Petroleum Crude, Diesel, and ATF to ‘Nil’ Rate Effective from Today

Effective immediately, the government has reduced the windfall tax on petroleum crude, diesel, and aviation turbine fuel (ATF) to zero. The windfall tax had been imposed in July 2022 to capitalize on the high profits energy companies were making from elevated global prices. This reduction reflects a stabilization of global crude prices, prompting the government to withdraw the tax. The decision is expected to bring relief to domestic refineries and reduce fuel costs for consumers