Effective from October 18, the Finance Ministry issued a notification on Tuesday saying that the special additional excise duty (SAED) on crude petroleum has been slashed to Rs 9,050 /tonne.
On September 29, during the previous fortnightly review, the windfall tax on domestically produced crude oil was fixed at Rs 12,100 per tonne.
Additionally, the duty on the export of diesel will drop from Rs 5 per litre to Rs 4 per litre. The present tariff of Rs 2.5/litre on jet fuel or ATF would be lowered to Rs 1/litre. SAED on gasoline will stay at zero.
On July 1, 2022, India introduced windfall profit taxes for the first time. A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.
Since then, the centre has been reviewing the levies every fortnight or so based on global crude oil prices.