Govt increases windfall tax on crude petroleum to ₹ 3,200/tonne

The windfall tax on petroleum crude has been increased to ₹3,200 per tonne from ₹1,700 per tonne, effective February 3. Since July 2022, India has implemented a windfall tax on crude oil producers. This move was initiated in response to private refiners' interest in exporting gasoline, diesel, and aviation fuel to capitalise on favourable refining margins rather than selling domestically. The government revises this tax every two weeks.