Windfall Tax Slashed To ₹3250/MT: 66% Drop From 3 Fortnights Ago

The Indian government has reduced the windfall tax on domestically produced crude oil from Rs 5,200 per tonne to Rs 3,250, effective from June 15, as per an official notification. Introduced in July 2022, this tax was previously lowered on May 1 from Rs 9,600 to Rs 8,400 per tonne. Special Additional Excise Duty (SAED) remains zero for gasoline, diesel, and aviation turbine fuel exports. The tax adjustments aim to regulate profits from energy companies amidst fluctuating oil prices. Current petrol prices in major cities like Bangalore, Chennai, and Mumbai range from Rs 96.20 to Rs 111.35, while diesel prices vary between Rs 84.26 and Rs 97.28.