The central government has increased the windfall profit tax on diesel. At the same time, aircraft fuel has again been brought under its purview. According to the notification issued by the Finance Ministry, the windfall tax on the export of diesel has been increased from Rs 5 to Rs 7 per liter. A windfall tax of Rs 2 per liter has been levied again on aircraft fuel. Earlier this month, the unexpected tax on aircraft fuel was completely abolished.
According to the ministry, windfall profit on domestic crude exports has been reduced to Rs 13,000 per tonne. Till now it was attracting tax of Rs 17,750 per tonne. For the first time on July 1, the government announced an unexpected tax on the export of petrol-diesel, aviation fuel, and domestic crude oil. After this, the unexpected tax has been changed twice.
At the same time, crude oil prices in the international market have reached a six-month low. Officials said that due to this, Indian retailers are not making losses on the sale of petrol, but the loss on the sale of diesel continues. Diesel is the most widely used fuel in the country. Brent crude, the global oil standard, was at $ 94.91 per barrel on Thursday. Crude oil has fallen to a six-month low of $ 91.51 on the previous day due to concerns of a global recession.
The current price of crude oil is a matter of relief for India, as the country is dependent on imports to meet 85 percent of its oil requirements. Officials with knowledge of the matter said that retail fuel sellers like Indian Oil Corporation are no longer incurring any loss on petrol due to the fall in prices, but some losses on diesel are continuing.
State-owned oil companies IOC, BPCL, and HPCL have not increased the retail selling price of petrol and diesel at par with the international price. These companies have done so to support the government's efforts to contain inflation. These companies were at one point incurring a loss of Rs 20 to 25 per liter on diesel and Rs 14 to Rs 18 per liter on petrol due to an increase in international oil prices. An official said the loss on diesel has now come down to Rs four to five per liter.
Also Read: Supreme Court bluntly on 'Rewari culture', only SC will decide free gift
Indian team's middle order batsman Shreyas Iyer has been ruled out of the current Ahmedabad Test
Just as awards have started being sold in the name of Dadasaheb Phalke in every street
Assam Police arrested three people in Miya Museum case, related to ABT and Al-Qaeda
The Assam Police in connection with a private Mia museum dedicated to the Mia Muslim community in
kargil war 1999: July 26, 1999, will be etched in the memory of every Indian. On this day, the In
Pakistan Tehreek-e-Insaf (PTI), the party of former Pakistan Prime Minister Imran Khan, has been
Was Esha Gupta Hardik Pandya's dream girl? The bold queen said- we were on a dating stage...
Along with Hardik Pandya's cricket career, his fans are also impatient to know about his love lif
This year there will be only one student on the All India Rank in the result because in case of a
The Odisha and Bengal governments are on high alert regarding cyclone Dana. The central governmen
The Bombay High Court has given a big relief to Reliance Group Chairman Anil Ambani in the case o
Prime Minister Narendra Modi (PM Modi) started 45 hours of meditation at the famous Vivekananda R
