The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia11 hours ago
The central government on Wednesday cut the windfall tax on crude oil to Rs17,000 per tonne from the previous Rs23,250 per tonne. This move comes amid the latest decline in global crude oil prices.
Taking into account windfall gains being accumulated by the domestic crude producers due to rising global crude prices in recent months, the Centre had on July 1 imposed a cess of Rs23,250 per tonne on crude oil. The domestic crude producers sell crude to domestic refineries at international parity prices.
A tax levied on an unforeseen or unexpectedly large profit is called windfall tax.
The new rates will be effective from Wednesday, a government notification said.
Besides, the recently imposed special additional excise duty at Rs13 per litre on diesel on exports has now been reduced to Rs10.
For petrol, the export tax has been removed. On July 1, the export tax of Rs6 per litre on petrol was imposed.
ALSO READ:
As exports were becoming highly remunerative, it was noticed that certain refiners were drying out their pumps in the domestic market, an official statement had said then.
"While crude prices have increased sharply in recent months, the prices of HSD and Petrol have shown a sharper increase. The refiners export these products at globally prevailing prices, which are very high," the government had explained the rationale behind the export tax move.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia11 hours ago
Dubai Police have asked drivers to be extra cautious
transport11 hours ago
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
cricket11 hours ago
Dubai Police have asked drivers to be extra cautious
emergencies12 hours ago
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres
uae13 hours ago
Hamas' health ministry said that 94,616 people have been wounded since the conflict began on October 7
mena13 hours ago
In most Islamic countries, including the Gulf countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444
uae holidays14 hours ago
Traffic will be diverted to the opposite side during this period
transport14 hours ago