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India cuts windfall tax on crude oil output, diesel exports

| Updated: October 05, 2022 13:08:15


A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India on May 21, 2018 — Reuters/Files A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India on May 21, 2018 — Reuters/Files

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices, reports Reuters.

India has also scrapped an export tax on jet fuel and halved export duties on diesel to 5 rupees per litre from Sunday, a government notification said.

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