The export levy as also the windfall tax imposed on record profits of domestic oil producers will be reviewed every fortnight to calibrate them if the need arises, she told reporters here.
She said the new taxes are aimed at improving the supply of petroleum products in the domestic market, as private producers were mainly focussing on exports.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) and imposed a windfall tax on crude oil produced locally.
“Every 15 days, this will be assessed to see how things are working out,” the minister said.
Sitharaman said that currently, India is facing difficulty in getting crude oil from abroad at an affordable price.
Observing that at a time when oil prices are “unbridled” internationally and domestic exporters are making “phenomenal profits”, she said it is essential to ensure enough domestic supplies.
This story is from the July 02, 2022 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 02, 2022 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Bomb Threat To Delhi Hospitals: Authorities Maintain Calm Amid Concern And Panic
Eight hospitals in Delhi received bomb threats via email on Sunday bringing the hospital authorities on toes to ensure patients and staff do not panic.
Flash Floods In Afghanistan Sweep Away Livelihoods In Northern Zone
Shopkeeper Nazer Mohammad ran home as soon as he heard about flash floods crashing into the outskirts of a provincial capital in northern Afghanistan.
Gujarat Face Formidable Kolkata In Must-Win Game
Shubman Gill’s return to form will provide a big boost to Gujarat Titans as they square off against table-toppers Kolkata Knight Riders in their must-win IPL game here on Monday.
Israel Pushes Deeper Into Rafah, Battles Regrouping Hamas In Gaza
Israeli forces pushed deeper into Gaza’s southern city of Rafah on Sunday and battled Hamas in parts of the devastated north that the military said it had cleared months ago but where militants have regrouped.
Neeraj Chopra to compete before home fans after three years
Olympic champion Neeraj Chopra’s presence will turn the National Federation Cup, starting Sunday, into a high-profile domestic competition though several top athletes have decided to skip the four-day Senior Championships.
Modi & Patnaik two sides of the same coin, claims Jairam Ramesh
Demands transparency on BFP-BFD relationship
'There were days I didn't want to probably live'
Actor Adhyayan Suman hopes that the ‘dark phase’ of his career will end with ‘Heeramandi’
Traffic lights synchronisation in west Delhi reduced congestion calls by 16% in April
As compared to the corresponding month last year
Russia says it captured five villages in northeast Ukraine
The Russian Defence Ministry said Saturday that Moscow’s forces have captured five villages as part of a renewed ground assault in northeastern Ukraine.
James Anderson to retire after Lord's Test against West Indies
Legendary pacer James Anderson on Saturday announced that the first Test against the West Indies this summer will be his final appearance for England, bringing down the curtains on an illustrious career spanning over 20 years.