India increased windfall taxes on diesel and aviation turbine fuel (ATF)
The government reduced the export duty on petrol to ₹2.5 per litre
The revised duties will come into effect from July 16
Govt Hikes Windfall Duty On Diesel, ATF; Cuts Petrol Export Tax
The export duty on diesel has been increased to ₹15.5 per litre from ₹8.5 per litre. On the other hand, export duty on petrol has been reduced
Govt Hikes Windfall Duty On Diesel, ATF
Summary
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India has increased windfall taxes on diesel and aviation turbine fuel (ATF) exports while reducing the levy on petrol exports, as higher global crude oil prices prompted the government to revise its fortnightly windfall tax rates. The revised duties will come into effect from July 16.
The export duty on diesel has been increased to ₹15.5 per litre from ₹8.5 per litre, while the levy on aviation turbine fuel has been raised to ₹14.5 per litre from ₹7.5 per litre.
In contrast, the government reduced the export duty on petrol to ₹2.5 per litre from ₹4 per litre.
The changes were announced as part of the government's fortnightly review of windfall taxes, which are linked to movements in international crude oil prices and refining margins.
This is a developing story...