India lowers windfall tax on crude oil

India has cut the windfall tax on crude oil from 6,400 rupees per tonne to 4,100 rupees ($50.14) per tonne effective Tuesday, a government statement said.

The government left the windfall tax on gasoline, diesel and jet fuel at zero.

The government changes tax rates every two weeks based on fluctuations in oil prices.

On April 4, India cut the windfall tax on crude oil to zero from 3,500 rupees a ton. The levy on crude oil was raised to 6,400 rupees a ton on April 19.

India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and jet fuel after private refiners looked to take advantage of robust refining margins in overseas markets rather than selling domestically.

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