The Indian government has removed the road and infrastructure cess levied on petrol and diesel exports as it has scrapped the windfall tax with immediate effect. The union government has done away with the special additional excise duty on ATF, petrol and diesel exports, according to a statement from the finance ministry on Monday. The special additional excise duty on petroleum crude production is also removed. The windfall tax was previously at Rs 1,850 per tonne as of Sept. 17 and was brought down to Rs 0 per tonne, effective Sept. 18. India introduced the windfall tax on crude oil in 2022, as a measure aimed to counterbalance the unusually high profits reaped by oil companies from escalating global crude oil prices. Listen in
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