Govt revises windfall gains tax for petrol and diesel exports

The government on Thursday increased the windfall gains tax on the export of petrol to Rs 2.5 per litre and reduced the windfall tax on diesel to Rs 8.5 per litre from Rs 16 per litre, effective October 16.

The windfall tax on aviation turbine fuel (ATF) remains unchanged. The changes will be effective from October 16, the central board of indirect taxes and customs (CBIC) said in a statement.

Also read: Govt may raise fuel prices in November, top economist says


The windfall gains tax rates are revised every fortnight, depending on the average crude oil prices in the last 15 days.

There was no change in the existing duty rates on petrol and diesel cleared for domestic consumption.

The latest revision comes at a time when US-Iran war and the Russia-Ukraine war have boosted freight and insurance rates, taking crude oil price around $95 per barrel, according to LSEG shipping and oil price data cited by Reuters.