BENGALURU, Dec 16 (Reuters) – India has reduce windfall tax on crude oil and aviation turbine gasoline (ATF) and lowered export tax on diesel, Based mostly on a authorities order dated Dec. 15.
It reduce the tax on regionally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, efficient Friday, the order said.
The federal authorities additionally reduce export tax on diesel To 5 rupees per litre from 8 rupees, whereas slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the doc confirmed.
The transfer comes amid a 14% droop in worldwide crude since November. India is the world’s third largest shopper and importer of oil.
Meanwhereas, Reuters had reported that India has purchased Russian crude barrels at properly under a $60 worth cap agreed by the West.
India’s gasoline demand climbed to an eight-month extreme in November, authorities knowledge launched final week confirmed.
On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation gasoline after private refiners sought overseas markets To understand from strong refining margins, Rather than promoting at decrease-than-market costs Inside the nation.
($1 = 82.8600 Indian rupees)
Reporting by Nallur Sethuraman and Meenakshi Maidas in Bengaluru; Modifying by Dhanya Ann Thoppil
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