India raises windfall tax on diesel, jet fuel exports
The SAED on ATF exports has been increased to Rs12.5 per litre from Rs9.5 per litre.
India has increased the windfall gains tax on exports of diesel and aviation turbine fuel (ATF), while keeping the levy on petrol unchanged for the fortnight beginning today (16 June).
According to a notification issued by India's Finance Ministry yesterday, the special additional excise duty (SAED) on diesel exports has been raised to Rs14 per litre from Rs13.5 per litre.
The SAED on ATF exports has been increased to Rs12.5 per litre from Rs9.5 per litre.
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The export duty on petrol remains unchanged at Rs1.5 per litre.
The revised rates took effect from today.
There has been no change in the existing duty rates on petrol and diesel supplied for domestic consumption.
India first imposed export duties on diesel and ATF on 26 March amid rising tensions in West Asia following the US-Israel attack on Iran and Tehran's subsequent retaliation. The rates have since been reviewed every fortnight.
On 16 May, the government extended the windfall tax regime to petrol exports.
The export levies were introduced to ensure adequate domestic fuel supplies during the conflict and to prevent exporters from benefiting disproportionately from higher international prices.
Global crude oil prices have risen sharply since the onset of the conflict, widening the gap between domestic and export market prices.
