India increases windfall tax on diesel and aviation fuel
India raised windfall taxes on diesel and aviation fuel exports to ensure domestic supply. The move follows a surge in global oil prices above 100 dollars.
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India has significantly increased the windfall tax on exports of diesel and aviation turbine fuel (ATF) to ensure sufficient supply for its domestic market. According to a government notification released on Saturday, the finance ministry raised the export tax on diesel from 21.5 rupees per litre to 55.5 rupees per litre. Similarly, the levy on aviation turbine fuel exports was increased to 42 rupees per litre, up from the previous rate of 29.5 rupees per litre.
