Indian government has increased windfall tax on crude oil, fuelling speculation of a price hike for motor fuels
Indian government has increased windfall tax on crude oil to ₹2,100 per tonne
The previous windfall tax rate on crude oil was ₹1,700 per tonne
The tax rate hike is effective from January 3, 2023
A price hike of petrol and diesel would put pressure on motorists
Petrol and diesel prices have remained static for more than seven months
This status quo brought a bit of relief for the motorists who were feeling the pressure of skyrocketing fuel price earlier
India is world's largest importer of crude oil
It is to be seen if the oil marketing companies announce a price hike for petrol and diesel