Crude, Diesel, And Jet Fuel Taxes Are Reviewed Every Two Weeks By The Finance Minister

"Nirmala Sitharaman, the minister of finance, announced on Friday that the government would assess the increased tariffs imposed on oil, diesel, and ATF based on market pricing every two weeks.

She claimed that the world is currently experiencing "exceptional times," with unrestrained oil prices.

Sitharaman told reporters, "We do not want to impede export, but we want to improve domestic availability."

She claimed that since there isn't any oil available and exports are making such incredible profits, we must provide at least some for our own folks.

We must adopt this two-pronged strategy, the minister continued.Decision by Shinde Fadnavis Government to Reopen MetroCar Shed at Aarey would Restart Mumbai Metro Work,"  he tweeted.

On Friday, the government imposed an export tax on gasoline, diesel, and jet fuel (ATF) and joined other countries like the UK in slapping a windfall tax on locally produced crude oil.

As on July 1, a tax of $6 per litre is imposed on the export of gasoline and ATF and a tariff of $13 per litre is imposed on the export of diesel.

Additionally, locally produced crude oil was subject to a tax of 23,250 per tonne.

The additional levies, according to Revenue Secretary Tarun Bajaj, will apply to SEZ units.

However, he added, "the export limitation will not be applicable."

The finance minister stated that the Reserve Bank and the government are closely monitoring the situation regarding the rupee. The government is aware of how the rupee's value affects imports.