 "Govt cuts windfall tax on petroleum crude to Rs 5,700 per MT from May 16")
India has cut the windfall tax on petroleum crude to Rs 5,700 ($68.34) per metric tonne from Rs 8,400 with effect from May 16, according to a notification issued on Wednesday.
The tax, which is revised every two weeks, remains unchanged at zero for diesel and aviation turbine fuel.
The government on May 1 cut the windfall tax on petroleum crude to Rs 8,400 a metric tonne from Rs 9,600.
India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.