Noida, Oct 1 (APAC Media): The government has lowered the windfall tax on exports of diesel and aviation turbine fuel (ATF) for the fortnight beginning October 1, while keeping the levy on petrol exports unchanged.
According to a Finance Ministry notification, the Special Additional Excise Duty (SAED) on diesel exports has been reduced to Rs 16 per litre from Rs 20 per litre.
The levy on ATF exports has also been cut to Rs 10.50 per litre from Rs 15 per litre.
The export duty on petrol, however, has been retained at Rs 0.50 per litre.
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The revised rates are effective from October 1 and will apply for the next fortnight. The government reviews the export levy on petroleum products every two weeks, taking into account changes in global crude oil and refined fuel prices.
There has been no change in the excise duty applicable to petrol and diesel sold in the domestic market, the Finance Ministry said.
The latest reduction follows a similar cut announced on September 16. At that time, the government had lowered the levy on diesel exports to Rs 20 per litre from Rs 25 per litre, while the ATF export levy was reduced to Rs 15 per litre from Rs 19 per litre.
The windfall tax on diesel and ATF exports was introduced on March 27 amid heightened tensions in West Asia. The measure was aimed at ensuring sufficient domestic availability of petroleum products and preventing refiners from diverting large quantities of fuel to overseas markets when international prices were more attractive.
The government later imposed a levy on petrol exports from May 16.
The reduction in the export tax comes amid continued changes in international energy prices and market conditions. Refiners and exporters are required to comply with the rates notified for each fortnight.
Separately, the government has increased the price of a 19-kg commercial LPG cylinder by Rs 62.59. This follows an increase of Rs 9.50 in September.
Commercial LPG prices had earlier declined by Rs 192 in August and Rs 183.50 in July after witnessing substantial increases in the preceding months.
The latest revisions reflect the government’s ongoing adjustments to petroleum-related taxes and prices in response to domestic requirements and developments in global energy markets.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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