India raised windfall taxes on petrol, diesel and aviation fuel exports starting Monday, as global oil prices remain volatile amid the Iran conflict. The government said the increase aims to ensure domestic supply.
India raised windfall taxes on fuel exports starting today, according to a government order released Monday. The increase comes as global crude oil prices remain volatile amid the Iran conflict.
As a result, the export duty on petrol rose to 3.5 rupees ($0.0367) per litre from 2.5 rupees. The government said the increase aims to ensure domestic supply.
Diesel exports, meanwhile, now face a total duty of 25.5 rupees per litre through two tax levies, up from 15.5 rupees two weeks ago. The tax on aviation fuel exports was set at 22 rupees per litre, compared to 14.5 rupees previously.
Source: Economy News (snippet-based)
Trading involves risk.