The tax is collected in the form of Special Additional Tax (SAED) and is notified biweekly based on two-week average oil prices.
The last such revision took place on August 31, when the one-time duty on crude oil was fixed at Rs 1,850 per tonne.
The SAED on export of diesel, petrol and jet fuel (ATF) has been kept at “zero”. The new tariffs will come into effect from September 18, according to an official notification.
India imposed taxes on windfall profits for the first time on July 1, 2022, joining a number of nations that tax windfall profits of energy companies.
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