Windfall Tax Reduced On Petroleum Crude As Big Relief

The decrease of the windfall tax on crude petroleum has been announced by the central government in a notification. According to the announcement, the special additional excise tax (SAED) on crude oil has been reduced from Rs 9,600 to Rs 8,400 per tonne.

While the taxes on gasoline, diesel, and aviation turbine fuel stay at zero, these revised tax rates will go into effect immediately.

Prior to this, the government increased the windfall tax on petroleum oil from Rs 6,800 to Rs 9,600 per tonne on April 16. Surprisingly high profits are subject to a windfall charge.

Another move to help the public is that oil marketing corporations have immediately lowered the price of commercial LPG gas cylinders by Rs 19 per unit. Sources claim that after this decrease, the retail sales price of a 19 kilogramme commercial LPG cylinder in Delhi is currently Rs 1745.50. A 19-kg commercial cylinder cost Rs 1764.50 last month, a reduction of Rs 30.50.

Although the precise causes of the price drop have not been made public, variables include fluctuations in the price of oil on a global scale, modifications to tax laws, and supply and demand dynamics probably play a part in these kinds of adjustments.

Changes for residential and commercial LPG (liquefied Petroleum Gas) cylinders usually take place on the first of the month.