India has lower its windfall tax on crude oil and exports of aviation turbine fuel and diesel, based on a authorities notification dated Feb. 15. Windfall tax on crude was lower to ₹4,350 ($52.60) per tonne from ₹5,050 per tonne, efficient Thursday.
The authorities additionally lower export tax on aviation turbine fuel to ₹1.50 per litre from ₹6 per litre, and diminished export tax on diesel to ₹2.50 per litre from ₹7.50 per litre, the notification stated.
India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after non-public refiners needed to make positive factors from strong refining margins in abroad markets, as an alternative of promoting it low-cost at dwelling The cuts got here as Indian refiners continued to top off discounted Russian fuel amid a gentle enhance in home consumption.
The windfall taxes had been weighing on income of Indian refiners and explorers, with firms like Reliance Industries, Vedanta Ltd., Oil India and Mangalore Refinery and Petrochemicals Ltd. flagging the influence of their newest quarterly outcomes.
