On September 29, the government raised the windfall tax on domestically produced crude oil to Rs 12,000 per tonne from Rs 10,000 previously. The revised prices will take effect on September 30, 2023. Meanwhile, the government has decided to reduce the windfall tax on diesel exports from Rs 5.50 per litre to Rs 5 per litre and Aviation Turbine Fuel (ATF) from Rs 3.50 per litre to Rs 2.50 per litre.

However, the Finance Ministry stated that the export of petrol is still exempt from the windfall tax.

The centre raised the windfall tax on crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne in its most recent revision, dated September 15. The export duty on diesel was decreased from Rs 6 per litre to Rs 5.50 per litre, and the duty on aviation turbine fuel (ATF) was reduced from Rs 4 per litre to Rs 3.50 per litre.

The government set an export price of Rs 6 per litre on petrol and ATF beginning July 1, 2022, and a duty of Rs 13 per litre on diesel exports.

The sale of domestic crude was subject to a windfall tax of Rs 23,250 per tonne.

Since then, the centre has reviewed the levies every two weeks or so based on global oil prices.