National Desk:
The Modi government has taken a big step on oil. The government has reduced the windfall tax on crude oil produced in the country to zero. Also, the duty on diesel exports has been halved to 50 paise per litre. The move comes amid easing crude oil prices in the international market. As per an official order issued on April 3, the duty on crude oil produced through companies like Oil and Natural Gas Corporation (ONGC) has been reduced from Rs 3,500 per tonne to zero.
The government has also reduced the export tax on diesel from Rs 1 per liter to Rs 50 per litre. Similarly, tax on aviation fuel (ATF) exports will be zero. The new tax rates came into effect on April 4. The tariffs have been cut in view of the softening in international oil prices in the second half of March. However, the announcement of a sudden output cut by the Organization of the Petroleum Exporting Countries (OPEC) and its allies has pushed up crude oil prices this month.
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