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India cuts windfall tax on petroleum crude to ₹5,700 per metric ton from today
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petroleum crude to ₹5,700 per metric ton from ₹8,400 with effect from May 16, Reuters reported. As per a notification from the government on May 15, there is no change in windfall tax for diesel and aviation turbine fuel (ATF), it added.
The tax is revised every two weeks, and was similarly cut only for petroleum crude to ₹8,400 a metric ton from ₹9,600. India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.
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