Government Slashes Windfall Tax on Crude Petroleum
01.16.2024 By Tank Terminals - NEWS

January 16, 2024 [The Hindu]- The tax is levied in the form of a Special Additional Excise Duty (SAED). According to an official notification, SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil.

 

The new rates are effective from January 16.

India first imposed windfall profit taxes on July 1, 2022, joining a growing number of nations that tax supernormal profits of energy companies.

The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Energy-Related Emissions Hit a Record High Last Year Despite Renewables Surge
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Despite a decline in fossil fuel use in developed economies, global en... Read More
Chinese Oil Product Demand Could Peak by 2025
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Demand for petroleum products in China could peak before next year, th... Read More
Cheap Spot Prices Boost China’s LNG Imports to Record High for February
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- China imported in February a record volume of LNG for the month, as bu... Read More
Russia’s Rosneft Moves to Sell its German Refinery Assets
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Russia’s state-controlled oil giant Rosneft has launched a sales pro... Read More