Fitch expects windfall tax to be phased out in 2023 on moderating oil rates
Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates.
The government had on July 1 levied a new tax on domestically-produced crude oil as well as on the export of petrol, diesel and jet fuel (ATF) to take away windfall gains accruing to oil companies from a global surge in energy prices following Russian invasion of Ukraine.
The tax rates are revised every fortnight based on prevailing international rates. The levy on petrol export has since been abolished.
