India has cut a windfall tax on diesel and aviation fuel shipments by 2 rupees a liter, according to a government notification.
Market NewsReutersUpdated: July 20, 2022 7:29 am IST
India cut a windfall tax on oil producers and refiners and exempted petrol from an export levy as international rates decline, less than a month after it imposed the two charges.
The changes will help companies such as Reliance Industries, Oil and Natural Gas Corp and Oil India Ltd.
The government said it had scrapped an export tax of 6 rupees a liter on petrol.
Windfall tax on diesel and aviation-fuel (jet fuel) exports would be cut by 2 rupees a litre, the government said in its statement, adding that tax on domestically produced crude oil would be cut to 17,000 rupees a tonne from 23,250 rupees.
All the changes took effect on July 20.
On July 1, India imposed the windfall tax on oil producers and refiners that had boosted product exports to gain from higher overseas margins. It also applied the export levy at that time.