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India raises taxes on diesel and jet fuel exports by Rs 7 per litre, petrol sees levy cut
The export duty on diesel has been raised to Rs 15.5 per litre from Rs 8.5 per litre, while the aviation turbine fuel duty has been raised to Rs 14.5 per litre from Rs 7.5 per litre.
The new rates will apply from July 16.
India has raised windfall taxes on the exports of diesel and aviation turbine fuel (ATF) by Rs 7 per litre each as global energy prices surged following escalation in West Asia and closure of the Strait of Hormuz. The government, however, has cut the levy on petrol exports.
The export duty on diesel has been raised to Rs 15.5 per litre from Rs 8.5 per litre, while the aviation turbine fuel duty has been raised to Rs 14.5 per litre from Rs 7.5 per litre.
The government reduced the export duty on petrol from Rs 4 per litre to Rs 2.5 per litre. The revised rates will be effective July 16.
The changes were part of the government’s fortnightly review of windfall taxes, which are linked to the international fuel prices and refining margins. The latest revision comes after the crude oil prices jumped following tensions between the US and Iran this week.
Oil prices rise for fourth straight day
Oil prices rose for a fourth straight day on Thursday as US and Iran continue to trade missiles and drones amid fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz.
Brent crude futures climbed 33 cents, or 0.4 per cent, to $85.28 a barrel by 0026 GMT, while US West Texas Intermediate futures rose 42 cents, or 0.5 per cent, to $80.02 a barrel, according to Reuters.
The price of the commodity rose on Wednesday, before easing slightly, as US President Donald Trump reimposed a naval blockade on all Iranian ports.
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