Noida, July 16 (APAC Media): The government on Thursday raised the windfall tax on exports of diesel and aviation turbine fuel (ATF) while lowering the levy on petrol shipments, as global crude oil prices surged amid escalating tensions in West Asia.
The Special Additional Excise Duty (SAED) on diesel exports has been raised to ₹15.5 per litre from ₹8.5 per litre, while the levy on ATF exports has been increased to ₹14.5 per litre from ₹7.5 per litre.
The revised rates will come into effect from Thursday, July 16, and will remain applicable for the next fortnight.
At the same time, the government has cut the windfall tax on petrol exports to ₹2.5 per litre from ₹4 per litre.
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The revisions were announced as part of the government’s fortnightly review of windfall taxes, which are adjusted based on international fuel prices and refining margins.
The latest increase comes after crude oil prices climbed sharply amid escalating tensions between the United States and Iran, raising concerns over possible disruptions to global energy supplies through the Strait of Hormuz.
Brent crude futures rose for the fourth consecutive session on Thursday, gaining 33 cents, or 0.4 per cent, to $85.28 a barrel by 0026 GMT.
US West Texas Intermediate (WTI) futures also advanced 42 cents, or 0.5 per cent, to $80.02 a barrel, according to News Agency.
Oil prices had rallied earlier in the week as geopolitical tensions intensified, with markets closely monitoring developments in the region and their potential impact on crude supply flows.
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