Hyderabad, April 12: The Centre has increased windfall tax on diesel and jet fuel exports to control domestic supply and prices amid rising crude oil rates.
The revised windfall tax came into effect on Saturday. The duty on diesel exports rose from Rs 21.5 to Rs 55.5 per litre. Similarly, the duty on jet fuel exports increased from Rs 29.5 to Rs 42.
The government took this step as global crude prices surged due to West Asia tensions. As a result, oil companies showed interest in exporting fuel for higher profits.
Windfall tax move aims to secure domestic fuel supply
The windfall tax aims to ensure adequate fuel supply within the country. It also seeks to prevent shortages at petrol pumps. Therefore, the government prioritised domestic needs over export gains.
However, no additional duty has been imposed on petrol exports. At the same time, public sector oil firms are working to keep retail fuel prices stable.
They continue to focus on domestic supply instead of export profits. Meanwhile, experts say this step supports energy security. They also note it may reduce the impact of global price volatility on local markets.
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