NEW DELHI (Reuters) – India has cut all windfall tax on crude oil from 3,500 rupees ($42.56) per tonne effective from Tuesday, according to a government notification.
India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling it at home.
($1 = 82.2370 Indian rupees)
(Reporting by Nikunj Ohri; Writing by Aftab Ahmed; Editing by Jacqueline Wong)
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