Meanwhile, the Nifty 50 index was down 0.22% to 18,357.50. The Nifty Oil & Gas index was up 0.13% 7,578.05.
The windfall tax on petrol, diesel, and aviation turbine fuel (ATF) remains unchanged at zero.
Previously, in early May this year, the government had reduced the windfall tax on domestically produced crude oil from Rs 6,400 per tonne to Rs 4,100 per tonne.
This tax is imposed on the profits earned by oil producers when the crude prices go beyond the threshold of $75 per barrel. These taxes are evaluated after every fortnight based on the international oil prices.
The government had imposed the windfall profit taxes last year in July. At that time, the Ministry of Finance had imposed a cess of Rs 23,250 per tonne (in the form of special additional excise duty - SAED) on domestically produced crude oil. Additionally, a tax of Rs 6 per litre was imposed on the export of petrol and aviation turbine fuel (ATF) and Rs 13 per litre on diesel exports, effective from 1 July 2022.