Government tightens grip on petrol, diesel, ATF refiners with plan to tax windfall gains as crude price soars
Today, DGFT has taken some measures to prevent the rise in prices of fuel in India, particularly for Petrol, Diesel and ATF. They increased or imposed special additional excise duty / cesses on export of petrol and diesel of Rs 6 per litre and Rs 13 per litre respectively. Indian refiners are importing crude oil and then selling it at international parity prices. The domestic crude oil producers produced crude domestically at domestic cost but they sold crude to domestic or other countries refineries at international parity prices and gaining. As a result, crude prices increased.
