Windfall taxes on crude, export of diesel up, ATF levy reintroduced

The authorities on Saturday raised the windfall tax on domestically-produced crude oil to Rs 11,000 from Rs 8,000/tonne, and the levy on export of diesel to Rs 12 from Rs 5 per litre, citing an increase in world crude costs within the final fortnight. The revised taxes will probably be efficient from Sunday. It additionally reintroduced a levy of Rs 3.5/litre on export of jet gas, on the seventh fortnightly evaluation of the one-off taxes on oil firms.

The taxes had been launched on July 1, as the federal government felt that the elevated crude costs had been permitting oil firms to make windfall earnings, and that the exchequer should get a share of such positive aspects.