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Govt scraps windfall tax on ATF, crude oil products, petrol, diesel
The Morning Standard
|December 03, 2024
FINANCE ministry on Monday announced the scrapping of the windfall tax or special additional excise duty (SAED) on aviation turbine fuel (ATF), crude oil products, petrol and diesel.
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The windfall tax, which targeted unexpected profits from domestic crude oil production, was first imposed in July 2022. As per the notification, the tax on the production of petroleum crude and the export of ATF, petrol, and diesel will no longer be levied. This move is expected to benefit oil producers and refiners such as Reliance Industries and ONGC, potentially improving their refining margins.
Shares of Reliance Industries rose following the announcement. ONGC shares closed at ₹257.65, up by 0.37%, while Reliance Industries shares closed at ₹1,310.60, up by 1.42%.
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