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INDIA

Centre Hikes Windfall Tax on Crude Oil, Diesel, Aviation Fuel

Picture Source: Internet

India has raised windfall taxes on oil, crude oil and fuel for aviation turbines following a government order on January 2.

The order, which took effect on Tuesday, raised the windfall tax on crude oil to Rs 2,100 ($25.38) a tonne from Rs 1,700 ($20.55).

The document showed that the union government has also raised diesel export duty from Rs 5 to Rs 7.5 per litre and raised ATF windfall tax from Rs 1.5 to Rs 4.5 per litre.

India, the world’s largest oil consumer and importer, has been buying a barrel of Russian crude for well below the $60 ceiling agreed upon in the West.

India imposed a windfall profit tax on crude producers in July and taxed exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to benefit from solid refining margins rather than at below-market prices sell.

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