New Delhi (Rajeev Sharma): Amid a fresh spike in global crude oil prices triggered by escalating tensions in West Asia, the Central Government has announced a revision in windfall taxes on petroleum exports. While export duties on diesel and aviation turbine fuel (ATF) have been increased significantly, the levy on petrol exports has been reduced. The revised rates will take effect from July 16.
As per the latest notification, the export duty on diesel has been raised by ₹7 per litre, taking it from ₹8.5 per litre to ₹15.5 per litre. A similar increase has been made for aviation turbine fuel (ATF), with the duty revised upward from ₹7.5 per litre to ₹14.5 per litre.
In a contrasting move, the government has lowered the export duty on petrol from ₹4 per litre to ₹2.5 per litre, offering some relief to exporters of the fuel.
The changes form part of the government’s routine fortnightly review of windfall taxes, which are adjusted according to international crude oil prices and refining margins. Such revisions are aimed at responding to fluctuations in the global energy market while balancing domestic and export interests.
The latest decision follows a sharp rise in crude oil prices after geopolitical tensions intensified in West Asia. Concerns over possible disruptions to oil supplies have grown following the recent exchange of missiles and drones between the United States and Iran, along with uncertainty surrounding the Strait of Hormuz—one of the world’s most critical oil transit routes.
Global benchmark crude prices continued their upward trajectory on Thursday, marking a fourth consecutive day of gains. According to Reuters, Brent crude futures rose by 33 cents, or 0.4 per cent, to $85.28 per barrel, while US West Texas Intermediate (WTI) crude increased by 42 cents, or 0.5 per cent, to $80.02 per barrel.
Energy markets remain on edge as investors closely monitor developments in the region, with fears that any disruption in shipping through the Strait of Hormuz could tighten global oil supplies and push fuel prices even higher.
