According to a notification issued by the government, the windfall tax on petroleum crude will be eliminated on May 16 and will no longer be more than 4,100 rupees ($50.13) per tonne.
It maintained the zero windfall tax on aviation turbine fuel (ATF), diesel, and gasoline.
On May 1, the duty on oil unrefined was brought down to 4,100 rupees for each ton from 6,400 rupees for every ton.
India last July had forced the bonus charge on raw petroleum makers and expanded the duty on products of gas, diesel, and ATF after confidential purifiers needed to make gains from strong refining edges in abroad business sectors.
Crude oil prices extended losses on Tuesday after US President Donald Trump signalled a pause…
The BSE and NSE remained closed on Tuesday for Diwali-Balipratipada. Trading will resume on Wednesday,…
Trump’s planned Quad meeting during his Asia tour could strengthen India-US ties ahead of crucial…
Delhi's AQI reached 304, remaining 'very poor' despite improvement and continued GRAP Stage III curbs…
PM Modi and Amit Shah greeted people on Govardhan Puja, praying for happiness, prosperity and…
Prime Minister Narendra Modi and Union Home Minister Amit Shah greeted people on Gujarati New…