Market Updates
India Imposes Windfall Tax On Oil Companies
Arjun Pandit
01 Jul, 2022
New York City
India imposes windfall tax on domestic oil companies to sustain domestic fuel supply and raise about 67,000 crore rupees or about $9 billion.
Central government imposed a one-time export tax of 6 rupees a liter on petrol and jet fuel and 13 rupees a liter on diesel, announced the finance ministry on Friday.
The finance ministry's move eliminates the price differential between domestic and export markets and sustains the domestic fuel supply.
Madhya Pradesh, Rajasthan and Gujarat were facing fuel shortages after private refineries preferred to export than meet the domestic demand.
Stocks on Dalal Street traded lower after the central government imposed windfall tax on oil companies.
The Sensex declined 111.01 or 0.2% to 52,907.93 and the Nifty 50 index decreased 28.20 or 0.2% to 15,752.05.
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