Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax

India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed. Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June. India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties of Rs 6 per litre were levied on petrol and aviation turbine fuel and Rs 13 a litre on diesel. The duties were partially adjusted in three rounds on July 20, August 2 and August 19, and have now been removed for petrol, with Rs 7 per litre and Rs 2 per litre remaining for diesel and ATF, respectively. The export levies helped ease the strain on domestic fuel supply. The levies wer

from News https://ift.tt/GpBmX8g