After the increase in the price of crude oil, the central government took a big decision, increased the windfall tax on diesel and ATF.

Due to the ongoing war between America and Iran, many countries of the world are being affected. Due to this, the prices of crude oil have also increased. After the price of crude oil increased again, the central government has increased the windfall tax on the export of diesel and aviation turbine fuel (ATF). At the same time, tax on export of petrol has been reduced. According to the notification issued by the Finance Ministry, the new rates will come into effect from Thursday (July 16).

The government has increased the export charge on diesel from Rs 8.5 per liter to Rs 15.5 per liter. At the same time, tax on export of ATF has been increased from Rs 7.5 per liter to Rs 14.5 per liter. On the other hand, duty on export of petrol was reduced from Rs 4 per liter to Rs 2.5 per liter.

The price of Brent crude also increased

The government periodically reviews the windfall tax keeping in mind the prices of crude oil in the international market and the profits of companies. Under the same process, new rates have been announced this time too. A sharp increase in the prices of crude oil has been seen in the month of July. The price of Brent crude has increased by about 17 percent. Earlier, a continuous decline was recorded in April, May and June.

The price of Brent crude increased by about 2 percent to $ 84.73 per barrel. A major reason for this is the increased tension between America and Iran. After America’s attack on Iran, concerns about oil supply have increased. Importantly, the danger in the Strait of Hormuz has increased due to the war. Due to this the fuel supply has been affected.

Let us tell you that on July 1, the government oil companies had reduced the price of ATF by about Rs 5 per liter after the prices fell in the international market. Now with the increase in the price of crude oil, the government has made a new change in the windfall tax.

Also read: ‘Victory will not be achieved through air strikes alone’, Trump’s former defense chief warns America, what did he say about Iran?