Govt cuts windfall gains on petrol to zero; diesel, ATF duties also reduced
The SAED rate on diesel export is now ₹24 per litre, down from ₹25.5 a litre. SAED on exports of ATF is set at ₹19.5/litre, as against ₹22/litre earlier
The Indian government has reduced the special additional excise duty (SAED) on the export of diesel and aviation turbine fuel (ATF) from August 15. The SAED on diesel exports has been lowered from ₹25.5 per litre to ₹24 per litre, while the SAED on ATF exports has been reduced from ₹22 per litre to ₹19.5 per litre. The duty on petrol exports has been cut to zero, down from ₹3.5 per litre.
These changes were announced in a notification by the finance ministry, with the revised duty set to take effect from August 15. The government imposed an export duty on diesel and ATF on March 27, revising the rate every fortnight following the Iran-US war that disrupted fuel supplies. The war had brought the Strait of Hormuz, a key energy passage, under threat as US and Iran engaged in strikes.
The windfall tax was introduced to boost domestic fuel availability and prevent exporters from profiting from price differences caused by global crude oil price increases due to the war. As of August 15, petrol prices in major Indian cities were ₹102.12/litre in Delhi, ₹113.76/litre in Kolkata, ₹111.38/litre in Mumbai, and ₹107.87/litre.
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