Government of India imposes additional excise duties on export of petroleum products

July 01, 2022

The Government levied additional duties on exports of petroleum crude, petrol, diesel and aviation turbine fuel to tax the windfall gains earned by petroleum companies on exports. The situation shall be reviewed weekly, and the additional levies would be withdrawn only if the global oil prices fall by USD 40/barrel. The Press Release dated July 01, 2022 detailing the Government’s motives behind these levies can be accessed here.