The global market for crude oil and petroleum products continues to be so volatile and unpredictable that governments around the world, including India’s, are being forced constantly to examine and reshape their fuel tax policies. The price of crude oil has fallen about 20 per cent from a high in the middle of last month, and West Texas Intermediate is now trading at about $95 a barrel. These are still about a quarter higher than at the beginning of the year. But when prices were earlier high at around $115 a barrel, the Union government had reacted with concern about the inflationary implications in particular. It had imposed an export tax on refined petroleum products and levied a windfall tax on crude oil. These have now been re-examined. The windfall tax has been cut by 27 per cent or so, from Rs 23,250 per tonne to Rs 17,000 per tonne. The export levy on diesel has been reduced from Rs 13 per litre to Rs 11 per litre, and on aviation turbine fuel from Rs 6 per litre to Rs 4 per litre. The export levy on petrol, which was also at Rs 6 per litre, has now been done away with. In addition, it has exempted refineries situated in special economic zones (SEZs) from export duties.
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First Published: Sun, July 24 2022. 21:27 IST
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