Analysts predict a windfall tax drop for oil producers but are surprised by a spike in the tax on AT

The tax on exports was increased when cracks or margins increased, but the tax on domestic oil production was decreased as global oil prices fell to their lowest level in six months.

Windfall profit tax on local oil producers has been reduced along expected lines, but analysts said Friday that the increase in the tax on jet fuel and diesel exports was unexpected because the local markets are comparatively well-supplied.

The government introduced a Rs 2 per liter tax on ATF exports and boosted the windfall profit tax on diesel exports from Rs 5 to Rs 7 during the third fortnightly review.

The government eliminated the ATF (Aviation Turbine Fuel) export windfall profit tax earlier this month.

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