Thursday, December 8

India cuts windfall tax on crude oil output, diesel exports

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NEW DELHI — 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 liter from Sunday, a government notification said. (Reporting by Nidhi Verma; Editing by Alexander Smith)