July 01, 2022 08:07 GMT
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.