India Hikes Windfall Tax On Diesel, Jet Fuel As US-Iran Clash Rattles Crude
India raised windfall tax on diesel exports to Rs 15.5 per litre from Rs 8.5 per litre effective July 16.
Windfall tax on aviation turbine fuel exports increased to Rs 14.5 per litre from Rs 7.5 per litre.
The tax on petrol exports was reduced to Rs 2.5 per litre from Rs 4 per litre.
The tax hikes follow a surge in global crude oil prices due to US-Iran conflict escalating.
Oil prices rose for four straight days amid tensions threatening supply disruptions in the Strait of Hormuz.
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