India reduced windfall tax on domestic crude oil from Rs 7,000 to Rs 4,600 per tonne, effective August 1.

India has cut the windfall tax on domestically produced crude oil to Rs 4,600 per tonne from Rs 7,000 per tonne, effective from August 1. The government introduced the windfall tax in July 2022 to regulate private refiners who preferred exporting fuel to capitalize on high refining margins instead of supplying domestically. The tax is reviewed every two weeks based on average oil prices.

July 31, 2024
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