Crude Rate News Today

Petrol, Diesel Rates: India has significantly increased the windfall profit tax on crude oil from Rs 1,300 to Rs 2,300 per tonne. Simultaneously, New Delhi abolished the tax on diesel and aviation turbine fuel (ATF), maintaining the absence of windfall taxes on petrol. Previously, windfall taxes of 50 paise per litre and one rupee per litre applied to diesel and ATF, respectively, which have now been eliminated. These revised rates came into effect on January 2, 2024.

The US benchmark, NYMEX futures, slipped below $70 a barrel last week while its Asian counterpart, Brent crude, traded at a six-month low of $72 a barrel. A similar sell-off was witnessed in the domestic futures as well, but a weak Indian rupee prevented major liquidation in the commodity.

The market tumbled earlier in the session after a New York Federal Reserve Bank manufacturing survey showed a third month of declines in new orders, which could be a sign of weaker demand for oil in the coming year.

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