Windfall tax: Relief for product exports, not for upstream crude, says Citi

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Brokerage firm Citi on Tuesday said a moderation in crude oil prices and a substantial correction in petrol and diesel prices could bring relief to oil companies on the product export tax announced by the government on July 1.

The Centre had announced a fortnightly review of its windfall tax as part of its endeavour to rein in super-normal profits of refiners.

While Indian oil companies would have to pay Rs six per litre on exports of petrol and aviation turbine fuel (ATF) each, and Rs 13 per litre on diesel exports as part of the new fuel tax, upstream