India cuts windfall tax on crude oil output, diesel exports

People queue as they wait for their turn to fill fuel at a petrol pump in Lucknow, India, November 9, 2016. REUTERS\/Pawan Kumar

New Delhi, October 2 (Reuters): The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices.

India has also scrapped an export tax on jet fuel and halved export duties on diesel to 5 rupees per litre from Sunday, a government notification said.


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Source: PTI