The government has reduced the windfall profit tax on domestically produced crude oil and diesel exports to align with falling global oil prices.
The Special Additional Excise Duty (SAED) on crude oil has been lowered from ₹9,800 to ₹6,300 per tonne, while the SAED on diesel exports has been decreased from ₹2 per litre to Re 1 per litre.
The duty for the export of aviation turbine fuel (ATF) and petrol remains unchanged at zero. These adjustments, effective from Thursday, respond to the decline in international oil prices, necessitating a reduction in the tax rates.