es windfall profit tax on export of diesel, ATF
The government has raised the windfall profit tax on export of diesel to ₹7 per litre from an earlier level of 5 rupees.
They have also brought a new tax which will be placed at 2$ per gallon for jet fuel (ATF).
India has raised taxes on exported diesel and brought back a tax that was previously lifted in 2017.
The increase is due to recent falls of international oil prices, which have caused an issue for Indian refiners
as they now must pay more than what their country produces them at home with little hope or chance at recovering these costs through pricing alone
The government has cut taxes on oil and gas products, including jet fuel. The rate for domestically produced crude will be ₹13000 per tonne from an earlier price of 17750
Oil firms have been subject to an unstable market, with international prices dropping lower than they did this time last year.
To address these issues the government increased taxes on exports while decreasing them for domestic oil production
a decision that seems sensible as both types of industry face challenges due their product's price fluctuations