HomeCURRENT AFFAIRSBUSINESSExport duty on fuel hiked, know details

Export duty on fuel hiked, know details

To keep the rising price of oil in the country under control, another step has been taken by the government. On Thursday, the windfall profit tax on the export of diesel was increased to Rs 7 per liter by the central government. Also, the tax on Aircraft Fuel (ATF) of Rs 2 per liter has been reintroduced.

However, the government has reduced the tax on domestically produced crude oil.

The government has increased the tax on export of diesel from Rs 5 to Rs 7 per liter in the third fortnight review of the windfall tax. ATF has once again been taxed at Rs 2 per liter. Last month, the government abolished the windfall profit tax (levy) on ATF exports. In addition, the tax on domestically produced crude oil has been reduced from Rs 17,000 per tonne to Rs 13,000 per tonne.

Actually, this decision was taken by the government because the profit from refining of crude oil had increased. But during the last six months, due to the fall in the international price of oil, there was a reduction in the tax of domestically produced oil. On the other hand, the price of crude oil in the international market is falling at a low level of six months.

However, there was a slight rise in prices on Friday morning and the rates of WTI crude were seen at the level of $ 90.74 per barrel. At the same time, the price of Brent crude reached $ 96.77 per barrel. In the coming days, the rates of petrol and diesel in the domestic market may come down.

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