“Tax cancellation only if crude oil falls to 40 dollars”

Union Revenue Secretary Tarun Bajaj has said that only if the price of crude oil falls to $40 per barrel, the additional tax on exported petrol and diesel will be reduced. In order to ensure the availability of petroleum products in the country, last week, the central government imposed an additional tax of Rs.6 per liter on petrol, jet diesel and Rs.13 per liter on diesel. Due to this, the revenue of Reliance Industries, Nayara Energy, ONGC, Vedanta Limited etc. in the oil refining industry will be affected.

In this case, Revenue Secretary Tarun Bajaj said in an interview about the imposition of taxes.

Depending on the international market situation, the levy amount will be re-examined every 15 days. Perhaps, if the price of crude oil falls, the additional levy will stop. Taxation will be permanently abolished. A stop will be made only if the current price falls below USD 40.
He said this.

He did not say anything about how much revenue the government would get from the additional tax on petrol and diesel exports.

Crude oil prices fell to $111 a barrel in international markets on fears of a global recession amid supply cuts amid OPEC cuts in oil production, unrest in Libya and sanctions on Russia. Significant.