India cuts windfall tax on crude oil output, diesel exports
A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas
The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices.
India has also scrapped an export tax on jet fuel and halved export duties on diesel to 5 rupees per litre from Sunday, a government notification said.
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