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India Scraps Windfall Tax on Fuel Exports as Global Oil Prices Stabilize
India removes the windfall tax on petrol, diesel, and ATF exports after two months of discussions, following the stabilization of global oil prices. The decision marks a significant shift in fuel export policies.
The Indian government has decided to remove the windfall tax on the export of petrol, diesel, and aviation turbine fuel (ATF), effective immediately.
This decision comes after two months of discussions, as global crude oil prices have stabilized.
The windfall tax, introduced in July 2022, was aimed at taxing the huge profits made by oil refiners exporting fuel while affecting domestic supplies.
The tax was levied as a Special Additional Excise Duty (SAED) and adjusted every two weeks based on average oil prices.
In September, the government also removed the windfall tax on domestically produced crude oil, reducing it to "nil" per tonne.
The windfall tax on fuel exports was set at "nil" from September 18, 2023.
India first imposed these taxes in 2022, following the trend of other countries taxing the supernormal profits of energy companies.
