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- India Fuel Duty Cut: Diesel, ATF Export Duty Slashed; Petrol Export Tax Hiked
New Delhi53 minutes ago
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After increasing the prices of petrol and diesel in the country by Rs 3 each, the Central Government on Friday has decided to impose a tax of Rs 3 on the export of petrol. At the same time, the export duty on diesel and aviation turbine fuel (ATF) i.e. jet fuel has been reduced. Export duty on diesel reduced from ₹23 to ₹16.5, ATF will now attract ₹16 windfall tax, earlier it was ₹33.
This decision has been taken to make petrol sold from India to other countries more expensive. According to the notification of the Finance Ministry, ‘Road and Infrastructure Cess’ on the export of petrol and diesel will be zero. The special thing is that in order to maintain domestic consumption, no change has been made in the existing import duty of petrol and diesel, which will not have a direct impact on the pocket of the common man.
Special tax imposed on petrol export for the first time
For the first time after the war broke out between America and Iran, the government has imposed a tax (Special Additional Excise Duty) of ₹ 3 per liter on the export of petrol. Earlier this tax was not levied on petrol. In fact, when oil becomes expensive in the world, companies start sending petrol abroad instead of selling it within the country in order to earn more profits. The government wants that oil companies should not send petrol abroad, but there should be adequate supply of it in India.
Duty reduced by ₹6.5 on diesel, ₹17 on export of jet fuel
While the government has increased the strictness on petrol, it has also reduced the tax on export of diesel by Rs 6.5 and jet fuel by Rs 17.
- diesel: Export duty on this has been reduced from ₹23 per liter to ₹16.5 per litre.
- ATF: Duty on jet fuel has been reduced from ₹33 per liter to ₹16 per litre.
Earlier in the review held on April 30, the duty on diesel was fixed at ₹ 23 and on ATF at ₹ 33 per liter.
Crude oil surge due to war, price crosses $100
Instability is being seen in the prices of crude oil in foreign markets. The situation has been tense since the attacks on Iran by America and Israel on February 28 and the Hormuz route is closed. Before the war started, crude oil was at around $ 73 per barrel, which has remained above $ 100 per barrel for the last one week.
Taking advantage of this surge in foreign prices, oil companies were finding it more profitable to sell petrol and diesel abroad rather than in the domestic market.
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Petrol-diesel became costlier by ₹ 3-3, new prices implemented: Petrol in Delhi became ₹ 97.77 per liter, ₹ 3/liter tax imposed on petrol sold abroad.
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