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Oil Windfall Tax and Product Export Duties for India

OIL

India introduces export duties on oil products and a windfall tax on oil producers.

  • The export duties for gasoil, gasoline and jet fuel aim to help boost domestic supplies and to shore up revenues. The duties were set at 6 rupees per litre for both gasoline and jet fuel, and at 13 rupees per litre for gasoil.
  • Following a similar move by other nations, a windfall tax will be placed on oil producers who produced more than 2mbbls in the year to Mar 2022. The windfall tax, in the form of a special additional excise duty (SAED) was set at 23,250 rupees per tonne of crude oil.
  • New rules have also been introduced for the amount of products sold to domestic markets compared to overseas customers. For gasoline, domestic market amounts must be 50% of the amount sold to overseas customers for the year to Mar 2023. For diesel, domestic amounts must be at least 30% of exports.
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India introduces export duties on oil products and a windfall tax on oil producers.

  • The export duties for gasoil, gasoline and jet fuel aim to help boost domestic supplies and to shore up revenues. The duties were set at 6 rupees per litre for both gasoline and jet fuel, and at 13 rupees per litre for gasoil.
  • Following a similar move by other nations, a windfall tax will be placed on oil producers who produced more than 2mbbls in the year to Mar 2022. The windfall tax, in the form of a special additional excise duty (SAED) was set at 23,250 rupees per tonne of crude oil.
  • New rules have also been introduced for the amount of products sold to domestic markets compared to overseas customers. For gasoline, domestic market amounts must be 50% of the amount sold to overseas customers for the year to Mar 2023. For diesel, domestic amounts must be at least 30% of exports.