<p>New Delhi: The Centre on Saturday sharply increased the export duty on diesel and aviation turbine fuel (ATF) to curb outbound shipments of key petroleum products in order to ensure adequate domestic supply.</p>.<p>Export duty on diesel has been hiked to Rs 55.5 per litre from earlier Rs 21.5 per litre. Duty on ATF, which is used to power aircraft, has been hiked from Rs 29.5 per litre to Rs 42 per litre. Export duty on petrol continues to remain nil.</p>.<p>The Union Finance Ministry on Saturday issued a gazette notification in this regard.</p>.Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief.<p>The higher taxes have been imposed with immediate effect.</p>.<p>The increase in duty is likely to dissuade refiners like Reliance Industries from exporting the fuels and to ensure adequate availability in the domestic market.</p>.<p>Disruption in the global supply chain due to the US-Israel-Iran conflict has led to scarcity and sharp jumps in prices of petroleum products in most parts of the world.</p>.<p>The Centre has significantly adjusted taxes to keep prices steady and ensure adequate supply in the domestic markets.</p>.<p>Last month, the Narendra Modi government slashed special excise duty on petrol and diesel by Rs 10 per litre and imposed duty on exports.</p>.<p>Though India is heavily dependent on imports to meet its fuel requirements, it is also a major exporter of refined petroleum products, especially diesel and turbine fuel.</p>.<p>Mukesh Ambani-led Reliance Industries Ltd (RIL) is India’s leading exporter of refined petroleum products. Bangladesh, Singapore, the UAE and African countries are among the major importers of refined petroleum products from India.</p>.<p>The so-called ‘windfall’ tax was first introduced by India in July 2022 to tax companies on their “supernormal” profits on exports of petroleum products. It was scrapped in December 2024 following the decline in crude oil prices and was reintroduced at the end of last month.</p>.<p>Defending the imposition of taxes on exports of diesel and ATF last month, Finance Minister Nirmala Sitharaman had said that the move was aimed to “ensure adequate availability of these products for domestic consumption”.</p>
<p>New Delhi: The Centre on Saturday sharply increased the export duty on diesel and aviation turbine fuel (ATF) to curb outbound shipments of key petroleum products in order to ensure adequate domestic supply.</p>.<p>Export duty on diesel has been hiked to Rs 55.5 per litre from earlier Rs 21.5 per litre. Duty on ATF, which is used to power aircraft, has been hiked from Rs 29.5 per litre to Rs 42 per litre. Export duty on petrol continues to remain nil.</p>.<p>The Union Finance Ministry on Saturday issued a gazette notification in this regard.</p>.Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief.<p>The higher taxes have been imposed with immediate effect.</p>.<p>The increase in duty is likely to dissuade refiners like Reliance Industries from exporting the fuels and to ensure adequate availability in the domestic market.</p>.<p>Disruption in the global supply chain due to the US-Israel-Iran conflict has led to scarcity and sharp jumps in prices of petroleum products in most parts of the world.</p>.<p>The Centre has significantly adjusted taxes to keep prices steady and ensure adequate supply in the domestic markets.</p>.<p>Last month, the Narendra Modi government slashed special excise duty on petrol and diesel by Rs 10 per litre and imposed duty on exports.</p>.<p>Though India is heavily dependent on imports to meet its fuel requirements, it is also a major exporter of refined petroleum products, especially diesel and turbine fuel.</p>.<p>Mukesh Ambani-led Reliance Industries Ltd (RIL) is India’s leading exporter of refined petroleum products. Bangladesh, Singapore, the UAE and African countries are among the major importers of refined petroleum products from India.</p>.<p>The so-called ‘windfall’ tax was first introduced by India in July 2022 to tax companies on their “supernormal” profits on exports of petroleum products. It was scrapped in December 2024 following the decline in crude oil prices and was reintroduced at the end of last month.</p>.<p>Defending the imposition of taxes on exports of diesel and ATF last month, Finance Minister Nirmala Sitharaman had said that the move was aimed to “ensure adequate availability of these products for domestic consumption”.</p>