Daijiworld Media Network - New Delhi

New Delhi, Aug 3: The Centre on Monday increased windfall taxes on exports of petroleum products, including petrol, diesel and aviation turbine fuel (ATF), amid continued volatility in global crude oil prices triggered by geopolitical tensions.

According to a government notification, the revised export duties have come into effect immediately to help ensure adequate domestic fuel availability while responding to fluctuations in international energy markets.

The export duty on petrol has been increased to Rs 3.5 per litre from Rs 2.5 per litre.

The total export duty on diesel has also been sharply raised. Through two separate tax components, the levy has been increased to Rs 25.5 per litre from Rs 15.5 per litre that was in force over the past fortnight.

Similarly, the export duty on aviation turbine fuel has been raised to Rs 22 per litre from Rs 14.5 per litre with immediate effect.

The latest revision follows changes announced last month, when the government increased windfall taxes on diesel and ATF exports while reducing the levy on petrol exports as higher global crude oil prices, driven by tensions involving the United States and Iran, boosted refining margins.

Under a Finance Ministry notification issued on July 16, the export duty on diesel was raised to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on ATF exports was increased to Rs 14.5 per litre from Rs 7.5 per litre.

At the same time, the export duty on petrol was reduced to Rs 2.5 per litre from Rs 4 per litre.

Earlier, the government had increased the Special Additional Excise Duty (SAED) on petrol exports to Rs 4 per litre from Rs 1.5 per litre. Simultaneously, the export duty on diesel had been cut to Rs 8.5 per litre from Rs 14 per litre, while the levy on ATF exports was reduced to Rs 7.5 per litre from Rs 12.5 per litre.