Reuters | | Posted by Singh Rahul Sunilkumar
India has minimize its windfall tax on crude oil and exports of aviation turbine gas and diesel, in keeping with a authorities notification dated February 15.
Windfall tax on crude was minimize to 4,350 rupees ($52.60) per tonne from 5,050 rupees per tonne, efficient Thursday.
The federal government additionally minimize export tax on aviation turbine gas to 1.50 rupees per litre from 6 rupees per litre, and lowered export tax on diesel to 2.50 rupees per litre from 7.50 rupees per litre, the notification stated.
India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation gas after personal refiners needed to make positive aspects from strong refining margins in abroad markets, as a substitute of promoting it low cost at dwelling. ALSO READ: Windfall tax on aviation gas slashed. Will air tickets be cheaper?
The cuts got here as Indian refiners continued to top off discounted Russian gas amid a gentle enhance in home consumption.
The windfall taxes had been weighing on income of Indian refiners and explorers, with firms like Reliance Industries, Vedanta Ltd, Oil India and Mangalore Refinery and Petrochemicals Ltd flagging the impression of their newest quarterly outcomes.