Government raises windfall tax on crude oil

06 Mar 2024 CW Team

The windfall tax on petroleum crude would be increased from Rs 3,300 to Rs 4,600 per metric ton, effective from March 1. The government also revealed that, as of the same date, the windfall tax on diesel would be reduced to zero from Rs 1.50 per litre. The tax rates for petrol and aviation turbine fuel would remain unchanged at zero.

The order disclosed that on February 16, the government had previously raised the windfall tax on petroleum crude from Rs 3,200 to Rs 3,300 per metric ton and increased the tax on diesel from zero to Rs 1.5 per litre.

It was further highlighted that India had imposed a windfall tax on crude oil producers starting from July 2022. This levy was extended to exports of gasoline, diesel, and aviation fuel, as private refiners sought to sell fuel internationally to capitalize on strong refining margins rather than selling domestically. The government reiterated that the tax is subject to fortnightly revisions.

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..