New Delhi, Sept. 1 -- The government on Tuesday raised the windfall tax on exports of petrol and diesel by Rs.1.5 and Rs.1 respectively, and reduced it by 50 paise per litre on jet fuel exports for the next fortnight.

Often called a windfall tax, the special additional excise duty (SAED) aims to disincentivize petro-product exports and stabilize domestic supply, as well as capture a share of supernormal profits made by petroleum companies.

With the latest revision, overall export duty on diesel stands at Rs.25 per litre and petrol at Rs.1.5 per litre. The SAED on the export of aviation turbine fuel (ATF) exports will be Rs.19 per litre for the next fortnight, a gazette notification said.

The rates are revised every fortnight based on t...