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Oil prices rise amid Middle East tensions
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₹9,600 a tonne with effect from Tuesday. The levy stood at ₹6,800 a tonne for the past two weeks.
The windfall tax on the export of petrol, diesel and aviation turbine fuel remains zero. The centre first imposed the windfall taxes on the sale of locally produced crude oil from 1 July, 2022 as oil exploration and producing companies made huge profits amid multi-year-high crude oil prices following Russia’s invasion of Ukraine.
The additional levies are reviewed every fortnight based on average oil prices in the previous two weeks. With oil prices expected to surge, the windfall tax could also increase increase further.Milestone Alert!
Livemint tops charts as the fastest growing news website in the world
About this in other media
Billionaire Texas oilman inks deal with Venezuela's state-run oil giant as U.S. sanctions loom abcnews.go.com /7 months ago
Israel-Iran tensions threaten to send oil, LNG prices soaring, experts warn of volatility in Indian markets livemint.com /8 months ago
Oil rises 16% YTD on Middle-East crisis: How will the fresh spike impact India and world markets—Explained livemint.com /8 months ago
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