The Indian government will reduce the windfall tax on crude, diesel, and aviation turbine fuel from 5,050 rupees per tonne to 4,350 rupees ($52.60), effective Thursday.
In a government announcement dated February 15, India announced a reduction in its windfall tax on crude oil exports as well as on diesel and aviation turbine fuel.
On Thursday, the windfall tax on crude was reduced from 5,050 rupees per tonne to 4,350 rupees ($52.60).
According to the notification, the government also decreased the export duty on diesel from 7.50 rupees per litre to 2.50 rupees per litre. In addition, the export tax on aviation turbine fuel has been reduced from 6 rupees per litre to 1.50 rupees per litre.
In July, India enacted a windfall tax on crude oil producers as well as tariffs on the exports of gasoline, diesel, and aviation fuel. This was in response to private refiners’ desire to profit from high refining margins on foreign markets rather than selling it at a loss domestically.
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