Government Cuts Windfall Tax on Petrol, Diesel, And ATF: New Tax Rates Effective from Today- Check the Latest Fuel Rates in Your City

Prior to this announcement, the government had made several adjustments to the windfall gains tax on domestically produced crude oil.
Windfall Tax, Petrol,Diesel, Center, Fuel rates, ATF, Prices

Govt Cuts Windfall Tax On Petrol, Diesel And ATF, New Tax Rates Effective From Today; Check Latest Fuel Rates In Your City (image source: Canav)

Petrol, Diesel Price Today: The Indian government has announced changes in its tax policy related to the energy sector. These changes include a reduction in windfall gains tax on domestically produced crude oil and the continuation of nil export duty on petrol, diesel, and aviation turbine fuel (ATF).

Reduction in Windfall Tax

The Centre has decided to reduce the windfall gains tax on domestically produced crude oil from Rs 8,400 per tonne to Rs 5,700 per tonne. This move comes as a revision from the earlier rate set at Rs 8,400 per tonne. The decision aims to balance the taxation structure while ensuring competitiveness in the energy sector.

Continuation of Nil Export Duty

In addition to the reduction in windfall gains tax, the government has opted to maintain the export duty on petrol, diesel, and aviation turbine fuel (ATF) at nil. This decision is strategic, aiming to support the export competitiveness of these essential energy products.

Effective Date and Notification

The new tax rates will come into effect on May 16, 2024, as announced by the Central Board of Indirect Taxes and Customs (CBIC) through a late-night notification on Wednesday. This timeline provides stakeholders with clarity on the implementation of the revised tax policies.
Prior to this announcement, the government had made several adjustments to the windfall gains tax on domestically produced crude oil. On May 1, the tax was revised to Rs 8,400 per tonne, down from Rs 9,600 per tonne. This change was part of ongoing efforts to optimize the taxation structure in response to market dynamics.

What is Windfall Tax?

India introduced windfall profit taxes on July 1, 2022, aligning with the practices of other nations that impose taxes on extraordinary profits generated by energy companies. The rates of these taxes are subject to review every fortnight, based on fluctuations in international crude oil prices over the preceding two weeks.

Petrol Price Today

Petrol prices across Indian cities remained stable and strong above 94 per litre to a maximum of 107 per litre. Petrol price depends upon various factors including international crude oil rates, domestic taxation systems, and currency exchange values determine sta India's petrol prices.
CitiesPetrol Price Per Litre
Petrol Price In New DelhiRs 94.72
Petrol Price In KolkataRs 103.94
Petrol Price In MumbaiRs 104.21
Petrol Price In ChennaiRs 100.76
Petrol Price In GurgaonRs 95.05
Petrol Price In NoidaRs 95.01
Petrol Price In BangaloreRs 99.84
Petrol Price In BhubneshwarRs 101.41
Petrol Price In ChandigarhRs 94.24
Petrol Price In HyderabadRs 107.41
Petrol Price In JaipurRs 104.88
Petrol Price In LucknowRs 94.56
Petrol Price In PatnaRs 105.18
Petrol Price In TrivandrumRs 107.56

Diesel Price Today

Diesel prices in India across cities remained strong and stable above Rs 87 per litre to a maximum of Rs 96 per litre. Diesel depends upon various factors including international crude oil rates, domestic taxation systems, and currency exchange values determine sta India's petrol prices.
CitiesDiesel Price Per Litre
Diesel Price In New DelhiRs 87.62
Diesel Price In KolkataRs 90.76
Diesel Price In MumbaiRs 92.15
Diesel Price In ChennaiRs 92.35
Diesel Price In GurgaonRs 87.91
Diesel Price In NoidaRs 88.14
Diesel Price In BangaloreRs 85.93
Diesel Price In BhubneshwarRs 92.64
Diesel Price In ChandigarhRs 82.40
Diesel Price In HyderabadRs 95.65
Diesel Price In JaipurRs 90.36
Diesel Price In LucknowRs 87.66
Diesel Price In PatnaRs 92.04
Diesel Price In TrivandrumRs 96.43
End of Article
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