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India increases windfall tax on petroleum crude

The Indian government had earlier raised windfall tax on petroleum crude on Sept 16.  (AP pic)

NEW DELHI: 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 (US$145.65) per tonne from 10,000 rupees (US$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 five 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 tonne 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.