Yesterday, the government increased the windfall tax on the sale of domestic crude oil by a sharp 21 per cent to Rs 10,500 a tonne. India has attracted an additional Rs 13,300 per tonne in the last two weeks. Special additional excise duty, the centre lowered the export of aviation turbine fuel from Rs 9 per litre to Rs 5 per litre, and the cess remains unchanged. Meanwhile, the government lowered the special additional excise duty on the export of diesel from Rs 12 a litre to Rs 8.5 a litre. 

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Currently, the November contract of Brent futures on the Intercontinental Exchange is currently at $91.62 per barrel. On 31 August 2021, the price declined around 13 per cent from $105 per barrel.

The Federal Open Market Committee will announce its policy decision. The rate hike by the US Fed is likely to affect other key central banks, including the European Central Bank, slowing the growth rate and eventually impacting crude demand. However, the energy risks emerging from the Russia-Ukraine conflict would keep the market volatile.