The central government on Tuesday reduced the export tax on diesel from Rs 11 to Rs 5 per litre. Meanwhile, export duty on domestically produced crude oil has been increased.
Accordingly, while the export tax on crude oil was Rs.17,000 per ton, it has increased to Rs.17,750. While foreign countries have been taxing the profits made by energy companies, India also implemented this taxation system on July 1.
Accordingly, an export tax of Rs.6 per liter was imposed on petrol and jet fuel, and Rs.13 per liter on diesel. Subsequently, the tax on petrol was abolished on July 20. Aviation fuel and diesel export duty has been reduced by Rs.2 each to Rs.11 and Rs.4 respectively. Similarly, export duty on domestically produced crude oil has also been reduced to Rs 17,000 per tonne.
Currently, the central government has reduced the diesel export tax from Rs.11 to Rs.5. Export duty on domestically produced crude oil has been increased from Rs.17,000 to Rs.17,750 per tonne. It is said that companies like ONGC, Vedanta will suffer revenue loss due to crude oil export tax volatility.