Will review tax on crude, diesel and ATF every fortnight says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the government will review every fortnight the new taxes levied on crude, diesel and ATF based on international prices. She said these are "extraordinary times" and oil prices are internationally unbridled.

"We do not want to discourage export, but want domestic availability to increase," Sitharaman told reporters here.

She said that if oil is not being available and exports are happening at such phenomenal profit, we need at least some of it for our own citizens.

"We need to take this twin-pronged approach," the minister added.

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally.

A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1.

Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.

Revenue Secretary Tarun Bajaj said the new taxes would be applicable on SEZ units. "But, the export restriction will not be applicable," he said.

On the rupee, the finance minister said the Reserve Bank and government are keenly watching the situation. The government is conscious of the impact of the rupee value on imports.

SEE ALSO: Ambani and Adani valuations surge while Tatas, Birlas see major declines in the first half of 2022
Audi gets back some of its lost shine with EVs, gears up for launch
JB Pharma acquires four pediatric brands of Dr Reddy’s Labs for ₹98.3 crore