The government has cut windfall gains tax on exports of petrol, for the fortnight beginning August 15, while the special additional excise duty (SAED) has been reduced for the same time period.
The revised duty will be effective from August 15, the finance ministry said in a notification quoted by PTI .
The ministry noted that there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption. The war brough the crucial Strait of Hormuz, a key energy passage, in the line of fire as US and Iran traded strikes for weeks. The government had imposed the windfall tax to increase domestic availability of the fuel amid the war in West Asia.
The government had imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight after the Iran-US war disrupted fuel supplies. On May 16, the finance ministry hiked the export duty on petrol to ₹ 3 per litre from nil while reducing the export duty on diesel and aviation turbine fuel to ₹ 16.5 and ₹ 16 per litre, respectively. The petrol price as on August 15 in Delhi is ₹ 102.12/litre, ₹ 113.76/litre in Kolkata, ₹ 111.38/litre in Mumbai and 107.87/litre, according to goodreturns.com.
