The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024.
The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains unchanged.
The government implemented taxation on crude oil production and exportation of gasoline, diesel, and aviation fuel in an effort to regulate private refiners in July, 2022.
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