Mon Dec 02 09:04:30 UTC 2024: ## India Scraps Windfall Tax on Fuel Products
**NEW DELHI** – India’s Finance Ministry announced the immediate removal of the windfall tax on aviation turbine fuel (ATF), crude oil, diesel, and petrol products, effective December 2nd, 2024. The government cited significantly lower global crude oil prices (currently trading in the $70-$75 per barrel range) as the reason for the repeal. The tax, a special additional excise duty (SAED) and road and infrastructure cess (RIC), was introduced in July 2022 to capitalize on rising global crude prices and windfall profits for producers. While the tax on crude oil production was recently set at Rs 1,850 per tonne, the government has now eliminated the levy entirely. The decision follows concerns about weakening global demand, particularly from China, easing Middle East tensions, and the potential for oil market oversupply. This news comes alongside updates on India’s largest regional retail options traders summit and general market information available through sources like Moneycontrol.
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