The government of India on Monday scrapped windfall tax on the export of petrol, diesel and aviation turbine fuel (ATF), commonly known as jet fuel. The decision of the got was implemented with immediate effect and comes after nearly two months of deliberations.
The move will move to be beneficiary for domestic oil producers which are into export like ONGC and Reliance. Their gross margin may rise as effect of the decision. Moreover, the Centre has also removed the Road and Infrastructure Cess (RIC) on petrol and diesel exports, further easing the financial pressure on the oil sector.
