Government's Fortnightly Review of Windfall Tax Amid Global Oil Turmoil

The CBIC Chairman, Vivek Chaturvedi, stated on Friday that the government plans to review the special additional excise duty on diesel and ATF every two weeks to ensure domestic availability. This follows the introduction of special duties to curb exports and increase local supply.

Recently, the government imposed export duties on diesel and ATF while cutting excise duty on petrol and diesel to combat rising international oil prices due to Middle East conflicts. These adjustments aim to protect Indian consumers and support domestic oil marketing companies.

This policy shift occurs amidst record losses for oil firms triggered by international price surges. To mitigate these losses, the government has had to adapt its excise duty strategy, while acknowledging the dynamic and challenging global supply environment.