India increases windfall tax on petroleum crude - Reuters India

India increases windfall tax on petroleum crude | Reuters

India increases windfall tax on petroleum crude

Employees walk inside the premises of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, in Vadinar in the western state of Gujarat, India, October 4, 2016. Picture taken October 4, 2016. REUTERS/Amit Dave/File photo Acquire Licensing Rights

Sept 29 (Reuters) - The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday.

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30.

The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees.

On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees.

India imposed the 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 at home.

($1 = 83.0761 Indian rupees)

Reporting by Nikunj Ohri, Chandni Shah in Bengaluru; Editing by Shilpi Majumdar

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