The federal government on Saturday raised the windfall tax on domestically-produced crude oil to Rs 11,000 from Rs 8,000/tonne, and the levy on export of diesel to Rs 12 from Rs 5 per litre, citing an increase in international crude costs within the final fortnight. The revised taxes will likely be efficient from Sunday. It additionally reintroduced a levy of Rs 3.5/litre on export of jet gasoline, on the seventh fortnightly overview of the one-off taxes on oil firms.
The taxes had been launched on July 1, as the federal government felt that the elevated crude costs had been permitting oil firms to make windfall earnings, and that the exchequer should get a share of such good points.