Sharp cut in windfall tax on crude petroleum, effective today

New Delhi [India], August 17 (ANI): The windfall tax on petroleum crude will be reduced to Rs 2,100 per metric ton from Rs 4,600 per ton, according to an official gazette notification. The new rate will be effective from Saturday, August 17, 2024.

A windfall tax is levied by governments when an industry unexpectedly earns large profits, mainly due to an unprecedented event.

On Friday, oil prices fell by about two per cent