The Government of India issued Notification Number 22 of 2026 Central Excise, dated 15 May 2026, revising the windfall gains tax structure on the export of petroleum products with effect from 16 May 2026. The notification was issued in exercise of powers conferred by Section 5A of the Central Excise Act, 1944 read with Section 147 of the Finance Act, 2002. Under the revised rates, a fresh windfall gains tax in the form of Special Additional Excise Duty (SAED) of Rs 3 per litre was levied on the export of petrol, the first such levy on petrol since the onset of the West Asia conflict. Simultaneously, the SAED on diesel exports was reduced sharply from Rs 23 per litre to Rs 16.5 per litre, and on aviation turbine fuel (ATF) exports from Rs 33 per litre to Rs 16 per litre. The windfall tax mechanism was first introduced in July 2022 to capture supernormal profits earned by domestic refiners and producers from elevated global prices, and to ensure adequate domestic availability of petroleum products by disincentivising exports during periods of high international prices. The revision forms part of the government's fortnightly review of windfall tax rates, which takes into account the movement in international crude oil and product prices. The recalibration aims to balance domestic fuel availability, the financial health of oil marketing companies and revenue considerations amid volatile global energy markets driven by the West Asia crisis and a weaker rupee.