India Sets New Windfall Tax on Petrol and Diesel
India has introduced a windfall tax on petrol and diesel exports starting October 16. The levy is set at 2.5 rupees per litre for petrol and 8.5 rupees per litre for diesel according to a government order.
India levied a windfall tax on petrol exports at 2.5 rupees ($0.0263) per litre, effective October 16. The government order, issued late on Thursday, also established a windfall tax on diesel exports at 8.5 rupees per litre. The fiscal adjustment applies directly to outbound shipments from refiners.
