New Delhi, July 16 (IANS) The Centre has raised windfall taxes on exports of diesel and aviation turbine fuel (ATF) while lowering the levy on petrol exports, as surging global oil prices driven by the escalating US-Iran conflict boosted refining margins, with the revised rates taking effect from Thursday.
According to a Finance Ministry notification, the export duty on diesel has been increased to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on aviation turbine fuel has been raised to Rs 14.5 per litre from Rs 7.5 per litre.
At the same time, the government has reduced the export duty on petrol to Rs 2.5 per litre from Rs 4 per litre.
The revised rates came into effect from July 16, according to the notification.
The latest revision comes amid a sharp rise in global crude oil prices following an escalation in hostilities between the United States and Iran.
Oil prices climbed on Wednesday before easing slightly after US President Donald Trump reimposed a naval blockade on all Iranian ports, prompting Iran to launch retaliatory strikes on US infrastructure in the region.
Earlier this month, the government had revised the windfall tax on exports of petroleum products by raising the levy on petrol while reducing the duties on diesel and aviation turbine fuel.
The Special Additional Excise Duty (SAED) on petrol exports was increased to Rs 4 per litre from Rs 1.5 per litre. At the same time, the export duty on diesel was reduced to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports was cut to Rs 7.5 per litre from Rs 12.5 per litre.
The government reviews windfall taxes on domestically produced crude oil and exports of petroleum products at regular intervals to align the levies with changes in international crude prices and refining margins.
–IANS
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