India scraps windfall tax on petroleum crude

A fireman holds a water supply nozzle while petroleum products are transported on a vessel from the Vadinar refinery operated by Essar Oil Ltd EOL on jetty off Essar ports in Gujarat·Reuters
Reuters

(Reuters) -The Indian government has cut the windfall tax on petroleum crude to zero from 1,850 rupees per metric ton, effective from Sept. 18, a notification issued on Tuesday showed.

The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices.

Global benchmark Brent crude prices have fallen to below $75 a barrel from over $92 a barrel in April.

(Reporting by Chandni Shah in Bengaluru; Editing by Mark Potter)