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Xinhua News Agency, Beijing, July 2. The Indian government announced on the 1st that it will raise export taxes on diesel, gasoline and aviation kerosene, and impose a “windfall profit tax” on some oil companies to limit exports and ensure domestic market supply. <\/p>\n
The Indian government issued a decree on the same day, announcing an additional export tax of 6 rupees (about 0.5 yuan) per liter on gasoline and aviation kerosene, and an additional 13 rupees (1.1 yuan) per liter of diesel. <\/p>\n
In addition, the government will impose a “windfall profits tax” on oil companies that profit from soaring oil and gas prices, levying 23,250 rupees (1,971.6 yuan) per ton of crude oil in the form of a special additional excise tax. <\/p>\n
However, this tax does not apply to small producers with crude oil production of less than 2 million barrels in the previous fiscal year (April 2021-March 2022) and the current fiscal year (April 2022-March 2023) The portion of excess oil production by oil companies in the month). <\/p>\n
India’s largest private oil refiner Reliance Industries is one of the targets of the “windfall profits tax”. Reliance Industries has made a fortune recently by buying large quantities of discounted Russian oil, cutting supplies to the domestic market while dramatically increasing exports. After the Indian government announced the imposition of a “windfall profits tax”, the company’s stock price fell as much as 8.7%. <\/p>\n
In order to expand the supply of the domestic market, the Indian government also issued a new regulation: companies exporting gasoline must sell 50% of their oil in the domestic market within the current fiscal year; for companies exporting diesel, this The ratio needs to reach 30%. <\/p>\n
According to the decree, the above export restrictions will not apply to oil plants dedicated to export, such as Reliance Industries’ large refinery in Jamnagar, Gujarat. (Li Yannan)<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"
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