India Cuts Windfall Tax on Crude and Export of Aviation Fuel and Diesel From Jan 16

Final Up to date: January 17, 2023, 18:26 IST

Picture used for Illustration. (Photograph: Reuters)

India, a serious client, and importer of oil have been shopping for Russian crude at properly beneath a $60 worth cap agreed upon by the West

India has lower its windfall tax on crude oil and exports of aviation turbine gas (ATF) and diesel, in response to a authorities notification dated Jan. 16.

It lower its windfall tax on crude to 1,900 rupees ($23.28) per tonne from 2,100 rupees per tonne, efficient Tuesday.

The federal government additionally lower the export tax on ATF to three.5 rupees per liter from 4.5 rupees per liter, and lower the export tax on diesel to five rupees per liter from 6.5 rupees per liter, the notification mentioned.

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India, a serious client, and importer of oil have been shopping for Russian crude at properly beneath a $60 worth cap agreed upon by the West.

The nation in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation gas after non-public refiners sought abroad markets to realize from strong refining margins, as a substitute of promoting extra cheaply at house.

($1 = 81.6280 Indian rupees)

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(This story has not been edited by News18 employees and is printed from a syndicated information company feed)

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