India raises windfall tax on petroleum crude

FILE PHOTO: Oil tankers are seen parked at a yard outside a fuel depot on the outskirts of Kolkata·Reuters
Reuters
1-min read
In this article:

(Reuters) -The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1.

A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday.

The windfall tax on petrol and aviation turbine fuel has been left unchanged.

Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero.

India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

($1 = 82.2380 Indian rupees)

(Reporting by Shivani Tanna and Nikunj Ohri; Editing by Krishna Chandra Eluri and Maju Samuel)