Govt scraps windfall tax on petrol, diesel exports; big relief for Reliance, ONGC

The government has abolished the windfall tax on aviation turbine fuel, crude products, petrol, and diesel after extensive deliberations. This decision is a relief for oil giants like Reliance and ONGC. The levy, introduced in July 2022 due to rising global crude prices, had aimed to capture revenue from producers' windfall gains. This move shall benefit the refining margins significantly.