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India cuts windfall tax on petroleum crude

Reuters
·1-min read
A worker fills a motorcycle with petrol at a fuel station in Kolkata

(Reuters) -India has cut the windfall tax on petroleum crude to 5,700 rupees ($68.34) per metric ton from 8,400 rupees with effect from May 16, according to a notification issued on Wednesday.

The tax, which is revised every two weeks, remains unchanged at zero for diesel and aviation turbine fuel.

The government on May 1 cut the windfall tax on petroleum crude to 8,400 rupees a metric ton from 9,600 rupees.

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.

($1 = 83.4099 Indian rupees)

(Reporting by Disha Mishra and Nikunj Ohri in Bengaluru; Editing by Nick Macfie)