New Delhi: The sparks of the escalating conflict between the US and Iran are now visible across the entire Middle East. These sparks have gradually turned into a raging inferno, worsening the situation. This renewed conflict has once again sent crude oil prices soaring in the global market, imposing a significant financial burden on oil companies.
Amidst rising crude oil prices, the Indian government has taken a major decision regarding petrol and diesel. The Modi government at the Centre has sharply increased the windfall tax on the export of diesel and aviation fuel, raising it by ₹7 per litre. While this tax hike has not yet impacted the pockets of ordinary consumers, petrol and diesel prices could rise in the coming days.
Know the tax rates
A question now arises in everyone’s mind: how much tax will have to be paid? According to a Reuters report, the central government has raised the tax on diesel exports from ₹8.5 per litre to ₹15.5 per litre.
The windfall tax on Aviation Turbine Fuel (ATF) has been increased from ₹7.5 per litre to ₹14.5 per litre. These revised tax rates came into effect on Thursday, July 16. Conversely, the windfall tax on petrol has been reduced by ₹4 per litre.
The government had reduced taxes a few days ago
It is worth noting that global conditions have been quite concerning recently. The government took action when crude oil prices in the international market began to rise steadily. Earlier in July, when tensions between the US and Iran had briefly subsided, the government had increased the windfall tax on petrol exports while adjusting the levies on diesel and ATF. Now, these rates have been hiked again, effective July 16.
Little hope for an end to the conflict
There appears to be very little chance of this intense conflict between the US and Iran coming to a halt. The situation is steadily deteriorating. Iran has completely blockaded the Strait of Hormuz, disrupting global oil trade. The US is continuously targeting Iranian military installations with attacks. Meanwhile, Iran has also wreaked havoc by launching attacks on countries such as Kuwait, Qatar, and Jordan.
Trump Threatens Iran
US President Donald Trump has been repeatedly warning that he will teach Iran a lesson. Meanwhile, he has claimed that Iran, rattled by US attacks, is sending proposals for peace. He stated that Iranian officials are continuously trying to establish contact; however, Iran has not yet confirmed this claim.
