India slashes windfall tax on domestic crude from Rs 12,100/ tn to Rs 9,050/ tn
The Finance Ministry of India has reduced the special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne, effective October 18. The windfall tax on domestically produced crude oil was previously fixed at Rs 12,100 per tonne. Additionally, the duty on diesel exports will be reduced from Rs 5 per litre to Rs 4 per litre, while the tariff on jet fuel will be lowered from Rs 2.5/litre to Rs 1/litre.
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