The Union government on Friday raised the windfall tax on petrol exports and cut the levy on diesel exports for the fortnight beginning October 16.
The Special Additional Excise Duty (SAED), along with the road and infrastructure cess, on diesel exports has been reduced to Rs 8.5 per litre from Rs 16 per litre. The duty on petrol exports has been increased to Rs 2.5 per litre from Rs 0.5 per litre. The duty on aviation turbine fuel (ATF) exports has been retained at Rs 10.5 per litre for the fortnight.
In a notification, the Finance Ministry said the revised duty rates would take effect from October 16.
Amid escalating tensions in West Asia, the government imposed export duties on diesel and ATF on March 27, revising the rates every fortnight. The levy on petrol exports was introduced from May 16.
The ministry also said there was no change in the existing duty rates on petrol and diesel cleared for domestic consumption.
The windfall tax was introduced to improve domestic fuel availability amid the war in West Asia and prevent exporters from taking undue advantage of price differences as global crude oil prices rose after the conflict began.
The levy was also intended to discourage exports and ensure adequate domestic supplies of petroleum products amid the crisis in West Asia.
(With inputs from PTI)
