Government raises crude oil windfall tax, reduces diesel export levy

01 Nov 2023 CW Team

The government announced an increase in the windfall profit tax on domestically produced crude oil and a reduction in the levy on diesel exports. According to an official notification, the Special Additional Excise Duty (SAED) on domestically produced crude oil was raised from Rs 9,050 to Rs 9,800 per tonne.

Additionally, the SAED on diesel exports was decreased from Rs 4 to Rs 2 per litre, and for jet fuel (ATF), it was reduced from Rs 1 to nil, as stated in the notification. The export of petrol will continue to have a zero SAED.

India had initially imposed windfall profit taxes on July 1 the previous year, following the trend of several other nations in taxing supernormal profits of energy companies. At that time, export duties of Rs 6 per litre ($ 12 per barrel) were imposed on petrol and ATF, and Rs 13 a litre ($ 26 a barrel) on diesel. Additionally, a windfall profit tax of Rs 23,250 per tonne ($ 40 per barrel) was imposed on crude oil produced by companies like Oil and Natural Gas Corporation (ONGC).

The tax rates are subject to review every fortnight, based on average oil prices from the preceding two weeks. A windfall tax is imposed on domestic crude oil if global benchmark rates rise above $ 75 per barrel. Similarly, the levy is applied on the export of diesel, ATF, and petrol if product cracks (or margins) rise above $ 20 per barrel. Product cracks or margins represent the difference between the cost of crude oil (raw material) and finished petroleum products.

In October, international crude oil prices averaged $ 90.17 per barrel.

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