Wed Sep 18 03:29:06 UTC 2024: ## India Scraps Windfall Tax on Crude Oil Amidst Falling Global Prices
**New Delhi, India** – The Indian government has announced the complete removal of the windfall tax on petroleum crude, effective from September 18th. The tax, which was levied at Rs 1,850 per metric ton, has been scrapped in response to the recent decline in global crude oil prices.
The decision follows a bi-weekly review of the windfall tax by the government. Global benchmark Brent crude prices have seen a significant drop, falling below $75 a barrel from a peak of over $92 in April.
The windfall tax was introduced in July 2022 to capture the windfall profits earned by oil companies during the period of high crude oil prices. The move was aimed at mitigating the impact of rising fuel prices on consumers.
However, with crude oil prices now significantly lower, the government has decided to remove the tax, reflecting the changing market conditions. This move is expected to benefit domestic oil refiners and potentially lead to lower fuel prices for consumers.
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