After the recent increase in the prices of petrol and diesel in the country by almost Rs 3 per liter, the central government has made important changes in the rules for oil companies. The government has taken this step in view of the rising global crude oil prices and pressure on supply.
According to the information, the prices of crude oil in the international market have crossed $ 100 per barrel. The ongoing tense situation and war-like situation between America, Israel and Iran has affected the energy market, due to which oil prices are witnessing a rise.
Keeping these circumstances in mind, the Government of India has decided to impose a new windfall tax on oil exports. Under the new rules, an additional tax of Rs 3 per liter has been imposed on the export of petrol. On the other hand, tax relief has been given on diesel and jet fuel (aviation turbine fuel).
The Finance Ministry has clarified that this change will apply only to those petroleum products which are exported out of the country. This tax will not have a direct impact on the prices of petrol and diesel sold in the domestic market.
The government believes that this step will ensure availability of fuel in the country and there will be no pressure on domestic supply. Also, this tax system has been implemented to ensure that oil companies do not get excessive benefit from the increasing demand and prices in the international market.
According to oil experts, due to global geopolitical tensions, the energy market may remain volatile in the coming times. In such a situation, this decision of the government is being considered as an attempt to protect domestic consumers from major fluctuations in prices.
After this decision, there will be no immediate change in the prices of petrol and diesel within the country. However, the possibility of future impact on prices cannot be ruled out depending on international conditions.
