India has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel, according to a government notification dated Jan. 16.
It cut its windfall tax on crude to 1,900 rupees ($23.28) per tonne from 2,100 rupees per tonne, effective Tuesday.
The government also cut the export tax on ATF to 3.5 rupees per liter from 4.5 rupees per liter, and cut the export tax on diesel to 5 rupees per liter from 6.5 rupees per liter, the notification said.
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India, a major consumer, and importer of oil have been buying Russian crude at well below a $60 price cap agreed upon by the West.
The country in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling more cheaply at home.
($1 = 81.6280 Indian rupees)
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