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According to a government notification dated January 16, India has reduced its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel.
It reduced the windfall tax on crude from Rs 2,100 to Rs 1,900 ($23.28) per tonne on Tuesday.
The government also reduced the export tax on ATF to Rs 3.5 per litre from Rs 4.5 per litre and diesel to Rs 5 per litre from Rs 6.5 per litre, according to the notification.
India, a major oil consumer and importer, has been purchasing Russian crude at prices far below the $60 price cap agreed upon by the West.
The country imposed the windfall tax on crude oil producers, as well as levies on gasoline, diesel, and aviation fuel exports, in July, after private refiners sought overseas markets to profit from robust refining margins, rather than selling more cheaply at home.
