Government scraps windfall tax on petrol, diesel, and aviation fuel exports

The government has scrapped windfall tax on Aviation Turbine Fuel (ATF), crude products, petrol and diesel products on Monday, December 2, 2024, after months of deliberations on the matter.

Windfall tax is a special tax on domestic crude oil production which aims to capture revenue from the windfall gains of oil producers(Representational Image/Pixabay)

This will immediately bring bring relief to oil conglomerates such as Reliance and ONGC, with their gross refining margins getting a lift, according to an Economic Times report.