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The Times of India
The Times of India
Business
Sanjay Dutta | TNN

Govt slaps windfall tax on fuel exports, domestic crude

Reliance Industries Nayara Nayara Energy Petrol Reliance Oil New Delhi ONGC Russia

NEW DELHI: The government on Friday taxed petrol, diesel and jet fuel exports to discourage overseas sales by private refiners Reliance Industries and Nayara Energy without first meeting domestic commitments and levied additional duty on domestic crude to mop up part of the windfall gains from elevated prices caused by the Russia-Ukraine conflict.

Petrol and jet fuel exports were taxed with a special additional excise duty (SAED) of Rs 6 per litre, or roughly 7 cents, while the levy on diesel shipments stood at Rs 13 a litre, or 16 cents. The tax will not apply to Reliance’s SEZ (special economic zone) unit, which makes up about half the capacity of its Jamnagar refining complex in Gujarat.

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