WINDFALL TAXES AND EXPORT DUTY HIKES
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- WINDFALL TAXES AND EXPORT DUTY HIKES
The imposition of the windfall taxes and export duty evoked considerable debates across the development spectrum. The basic justification for the windfall taxes and export duty tax on petrol, diesel and Aviation Turbine Fuel (ATF) hikes imposed on July 1, 2022 stems from the fact that some oil refiners were raking in “phenomenal profits” while domestic supplies were bleeding. Small producers whose annual crude production in the previous fiscal year was less than 2 million barrels were excluded from this cess. Domestic petroleum product pricing remained unaltered by this cess.
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