India imposed the windfall tax on crude oil producers in July last year
New Delhi:
The government has increased the windfall tax on crude oil from 6,700 rupees to 10,000 rupees ($120.36) per tonne with effect from September 16, according to a government announcement on Friday.
The government also reduced the windfall tax on aviation turbine fuel from Rs 4 to Rs 3.50 per litre.
The duty on diesel has been reduced from Rs 6 to Rs 5.50 per litre, the notification said.
On September 1, the government reduced the windfall tax on crude oil from Rs 7,100 to Rs 6,700 per tonne.
India imposed the windfall tax on crude oil producers and extended the levy on exports of petrol, diesel and jet fuel in July last year, after private refiners sought to profit from robust refining margins in overseas markets, rather than selling domestically.
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