Windfall Tax On Petroleum Crude Raised To Rs 9,800/Tonne; Check Revised Petrol, Diesel Price Here

India has raised the windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne from Rs 9,050 per tonne from November 1, according to a government notification. The windfall tax on aviation turbine fuel (ATF) has been slashed to nil from Re 1 per litre, said the notification said.

The government has also cut down the windfall tax on diesel from Rs 4 per litre to Rs 2 a litre.

In the earlier revision on October 18, the government reduced the windfall tax on petroleum crude to Rs 9,050 per tonne from Rs 12,100 per tonne.

India first levied windfall profit taxes on July 1, 2022. It first imposed the windfall tax on crude oil producers and later extended the levy on exports of gasoline, diesel, and aviation fuel after refiners started making gains from robust refining margins in overseas markets, instead of selling at home.

The special additional excise duty rates are usually reviewed every fortnight depending on average oil prices in the prior two weeks.

Oil prices edged higher on Tuesday as a decline in eurozone inflation buoyed hopes that the European Central Bank (ECB) has almost certainly finished raising interest rates, and offset higher OPEC production.

Brent crude futures for December delivery, were up 0.4% at $87.77 per barrel by 11:42 a.m. ET (1542 GMT), while the US West Texas Intermediate (WTI) crude for December delivery rose gained 0.55%, to $82.73. The more heavily traded January contract rose 47 cents, or 0.6%, to $86.82, according to Reuters.

Latest Petrol And Diesel Prices Different Indian Cities

In the national capital Delhi, the price of 1 litre of petrol and diesel is Rs 96.72 and Rs. 89.62 respectively.

Petrol in Bangalore is retailing at Rs 101.94, while diesel is selling at Rs 87.89.

In Hyderabad, 1 litre of petrol costs Rs 109.66, while the price of the same quantity of diesel is Rs 97.82. One litre of Diesel in Chandigarh retails at Rs 84.26, while the cost of one litre of Petrol in the city is Rs 96.20.