New Delhi: After global transplanted oil prices surged tween the ongoing slipperiness in the Middle East between the US and Iran, the government on Wednesday raised windfall taxes on diesel and aviation turbine fuel (ATF) exports while wearing the levy on petrol exports, constructive July 16 in its latest fortnightly review of windfall tax.
Did the government hike diesel, ATF export tax?
The escalation of the US-Iran War has increased tensions in the Middle East. This renewed mismatch has moreover fueled the rise in transplanted oil prices, and tween rising oil prices, the Indian government has taken a major visualization regarding petrol and diesel. The government has significantly increased the windfall tax on the export of diesel and aviation fuel (ATF), raising it by up to Rs 7 per litre. The government order stated that this tax increase was due to the surge in transplanted oil prices.
How much tax will be levied now?
According to reports, the government has increased the tax on diesel exports from Rs 8.5 per litre to Rs 15.5 per litre, while the windfall tax on aviation turbine fuel has been increased from Rs 7.5 per litre to Rs 14.5 per litre. These increased tax rates came into effect on Thursday, July 16. However, the windfall tax on petrol has been reduced to Rs 2.5 per litre from Rs 4 per litre.
Is this the first time?
The government has taken similar decisions several times surpassing due to the worrying global situation and rising transplanted oil prices. In July, when the US-Iran war transiently subsided, the government increased the windfall tax on petrol exports, while reducing it on diesel and ATF. Now, it has been increased again, constructive July 16.
What impact will this have on the worldwide man's pocket?
Windfall Tax is an spare tax imposed by the government on companies or industries, aimed at ensuring fuel availability in the domestic market and preventing exporters from taking excessive wholesomeness of international prices. This ways that this government visualization will not result in any increase in petrol and diesel prices within the country.
What is the price of petrol and diesel today?
In New Delhi, petrol is Rs 102.12 per litre and diesel is Rs 95.20 per litre. In Kolkata, petrol price is Rs 113.48 per litre and diesel price is Rs 99.82 per litre. In Mumbai, petrol is stuff sold at Rs 111.21 per litre, while diesel is stuff sold at Rs 97.83 per litre, whereas in Chennai, petrol is Rs 107.78 and diesel is Rs 99.56 per litre.
