The Indian government has cut the windfall tax on petroleum crude to zero from 1,850 rupees per metric ton, effective from Sept. 17, a notification issued on Tuesday showed.

The Indian government has slashed the windfall tax on domestically produced crude oil to zero, effective immediately. This change follows earlier reductions and is attributed to falling global crude oil prices.

The Indian government has announced the removal of the windfall tax on crude oil, effective from September 18. Initially imposed in July 2022, the tax was aimed at curbing profits from high refining margins.

The government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices. As per the last revision on August 30, the government had slashed windfall tax on domestically produced crude oil by 11.

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices