For the two weeks starting on August 15, the government has lowered the windfall profits tax on petrol, diesel, and aviation turbine fuel (ATF) exports to zero.
The charge on ATF exports has been lowered from Rs 22 to Rs 19.5 per liter, while the special additional excise duty (SAED) on diesel exports has been lowered from Rs 25.5 per liter to Rs 24 per liter.
The levy on fuel exports, which was Rs 3.5 per liter on August 3, has been reduced to zero as of August 15.
The updated duty rates will take effect on August 15, according to a statement from the Finance Ministry.
The government levied an export tax on diesel and ATF on March 27 in response to growing tensions in West Asia, and it has since updated the rate every two weeks.
The tax was also applied to fuel exports starting on May 16. Additionally, the ministry stated that the current duty rates on gasoline and diesel approved for domestic use have not changed.
In the midst of the West Asian conflict, the windfall tax was imposed to boost domestic fuel availability.
Given that the price of crude oil has increased since the start of the war, it was also intended to stop exporters from unfairly benefiting from price disparities.
By discouraging exports during the West Asia crisis, the windfall tax was designed to guaranty domestic availability of petroleum products.
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