India hikes windfall tax on petroleum crude to Rs 9,800/ton

The Indian government has increased windfall tax on petroleum crude to Rs 9,800 per ton from Rs 9,050 per ton from November 1, according to a government notification.

The windfall tax on aviation turbine fuel has been cut to nil from Rs 1 per litre, the notification said.

The government has also reduced the windfall tax on diesel to Rs 2/litre from Rs 4/litre.

India on October 18 cut the windfall tax on petroleum crude to Rs 9,050 per ton from Rs 12,100 per ton.

India had imposed a 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 it locally.