Windfall tax on crude oil halved, duty on export of diesel also reduced

The government on Thursday reduced windfall profits tax on domestically produced crude oil to less than half and also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022.
The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200, according to a government notification issued on Thursday.

In a fortnightly revision of windfall profit tax, the government reduced the rate on export of diesel from Rs 10.5 per liter to Rs 8 per litre. This levy includes Rs 1.5 per liter road infrastructure cess.
The special additional excise duty on petrol is nil and Rs 5 per liter on aviation fuel ATF.

When the levy was first introduced, the windfall tax was levied on exports of petrol along with diesel and ATF (aviation turbine fuel). But in the subsequent fortnightly review, the tax on petrol was removed.
While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on the crack, or margin, that refiners earn on overseas shipments. These margins are mainly the difference between the price and cost of oil internationally.

India imposed a windfall profits tax on July 1 for the first time, joining a growing number of countries that tax the super ordinary profits of energy companies. At that time, an export duty of Rs 6 per liter (US$12 per barrel) was imposed on petrol and ATF and Rs 13 per liter (US$26 per barrel) on diesel. A windfall profit tax of Rs 23,250 per tonne (USD 40 per barrel) was also imposed on domestic crude oil production.

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