India increases windfall tax on petroleum crude

News wire — The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday.

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30.

The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees.

On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees.

India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

($1 = 83.0761 Indian rupees)

Reporting by Nikunj Ohri, Chandni Shah in Bengaluru; Editing by Shilpi Majumdar – Reuters

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