India hikes windfall tax on petroleum crude, diesel

The Indian government on Thursday announced through a notification that it would increase the windfall tax on petroleum crude from Rs 3,200 to Rs 3,300 per metric ton. Additionally, the windfall tax on diesel, previously at zero, will now stand at Rs 1.50 per litre. The revised rates shall come into force on the 16th day of February, 2024

This adjustment follows an earlier increase at the beginning of the month, when the windfall tax on domestically produced crude oil rose from Rs 1,700 to Rs 3,200 per tonne.