India has reduced its windfall tax on petroleum crude from ₹2,300 to ₹1,700 ($20.53) per tonne, according to a government notification on Monday. The cut will come into effect from January 16, the order said.
On 2 January, the government increased the windfall tax on petroleum crude oil from ₹1,300 to ₹2,300 per tonne.
From July 2022, India imposed a windfall tax on crude oil producers and expanded duties on exports of petrol, diesel, and aviation fuel as private refiners sought to sell fuel abroad to profit from stronger refining margins rather than sell locally. It revises taxes fortnightly.
