Finance Ministry on Tuesday notified that the special additional excise duty (SAED) on crude petroleum has been slashed to Rs 9,050 per tonne from Rs 12,100 per tonne, effective Wednesday.
In its previous fortnightly review on September 29, the ministry had fixed windfall tax on domestically produced crude oil at Rs 12,100 per tonne.
Additionally, the duty on the export of diesel will drop from Rs 5 per litre to Rs 4 per litre. The present tariff of Rs 2.5 per litre on jet fuel or ATF would be lowered to Rs 1 per litre. SAED on gasoline will stay at zero.
India introduced windfall profit taxes for the first time on July 1, 2022. A windfall tax of Rs 23,250 per tonne was imposed on the sale of domestic crude.
Since then, the centre has been reviewing the levies every fortnight or so based on global crude oil prices.