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    Question

    The central government of India introduced the windfall tax on crude oil producers in July 2022. What adjustments were made to the windfall tax in August 2024, and what global factors influenced these adjustments?

    A Windfall tax was increased; Global oil prices surged due to geopolitical tensions Correct Answer Incorrect Answer
    B Windfall tax remained the same; Stable international crude prices Correct Answer Incorrect Answer
    C Windfall tax on crude was reduced to ₹2,100 per metric tonne; Decline in Brent crude prices and China's slowing demand Correct Answer Incorrect Answer
    D Windfall tax on crude was abolished; Increased US oil production Correct Answer Incorrect Answer
    E Windfall tax was expanded to other sectors; Fluctuating international crude prices Correct Answer Incorrect Answer

    Solution

    The windfall tax on crude oil was reduced to ₹2,100 per metric tonne in August 2024 due to a decline in Brent crude prices and concerns over China's slowing demand.

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