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- The central government has decided to reduce the windfall tax on petroleum crude from Rs 4,600 per tonne to Rs 2,100 per metric tonne.
- The government has also scraped windfall tax on export of diesel and aviation turbine fuel (ATF).
- The central government started imposing a windfall tax on crude oil producers in July 2022.
- It was later extended to the export of gasoline, diesel, and aviation fuel.
- It encouraged private refiners to sell fuel internationally to get refining margins.
- Oil prices have dropped by about 2 per cent and Brent crude is trading at just below $80 per barrel.
- A windfall tax is a higher tax levied by the government on specific industries when the industry experiences unexpected and above-average profits.
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