The Indian government has reduced the windfall tax on petroleum crude to 4,600 rupees ($54.97) per metric ton from 7,000 rupees per metric ton, effective from August 1, as per a recent notification.
India revises the windfall tax on petroleum crude every fortnight.
($1 = 83.6838 Indian rupees)
Published 01 August 2024, 03:40 IST
In a recent development, the Indian government has announced a decrease in the windfall tax on petroleum crude from 7,000 rupees to 4,600 rupees per metric ton, effective from August 1. This move aims to alleviate the burden on consumers amidst rising fuel prices. India follows a bi-weekly revision policy for the windfall tax on petroleum crude, ensuring timely adjustments based on market conditions.
The reduction in the windfall tax is expected to offer some relief to the public, especially as the country navigates economic challenges. The government’s decision comes as a response to the fluctuating global oil prices, impacting domestic fuel rates. With the revised tax rate now in effect, individuals and businesses can anticipate some level of stability in fuel costs, providing a sense of predictability in an otherwise volatile market.
Stay updated for further announcements on government policies and measures affecting the energy sector.\
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