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New Delhi. The Central Government has reduced the special additional excise duty i.e. Windfall Tax on the export of petrol, diesel and aviation turbine fuel (ATF). The new rates will be effective from June 1. According to the notification of the Ministry of Finance, the windfall tax on the export of petrol has been halved to Rs 1.5 per liter. At the same time, this tax on diesel has been reduced to Rs 13.5 per liter and on ATF to Rs 9.5 per liter.

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The notification states that Road and Infrastructure Cess on export of petrol and diesel will be zero. The government has clarified that there has been no change in the existing duty rates on petrol and diesel produced for domestic consumption.

Windfall tax was increased this month

Special additional excise duty (SAED) on petrol was imposed at Rs 3 per liter on May 16. After fortnightly review, it has been reduced to Rs 1.5 per liter from June 1. Duty on export of diesel has been reduced from Rs 16.5 per liter to Rs 13.5 per liter. Similarly, duty on ATF has been reduced from Rs 16 per liter to Rs 9.5 per litre.

On March 26, the government had imposed export duty of Rs 21.50 per liter on export of diesel and Rs 29.5 per liter on ATF. In the review of April 11, these were increased to Rs 55.5 and Rs 42 per liter respectively.

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After this, in the review of April 30, they were reduced to Rs 23 and Rs 33 per liter. On May 16, the duty was further reduced to Rs 16.5 and Rs 16 per liter respectively. The government had imposed this windfall tax to ensure the availability of fuel in the country amid the conflict between America, Israel and Iran in West Asia.

What did the government say on the decision?

Its objective was also to ensure that exporters could not take undue advantage of the price difference due to increase in global crude oil prices. On February 28, America and Israel launched military attacks on Iran, after which retaliation started from Tehran.

Before the war started, the price of crude oil was around $73 per barrel, whereas for the last one week it has remained above $100 per barrel. According to the Finance Ministry, this windfall tax was imposed to maintain domestic availability of petroleum products and discourage exports in the backdrop of the West Asia Crisis.

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