(Adds details)
BENGALURU, Feb 16 (Reuters) - India has cut its windfall
tax on crude oil and exports of aviation turbine fuel and
diesel, according to a government notification dated Feb. 15.
Windfall tax on crude was cut to 4,350 rupees ($52.60) per
tonne from 5,050 rupees per tonne, effective Thursday.
The government also cut export tax on aviation turbine fuel
to 1.50 rupees per litre from 6 rupees per litre, and reduced
export tax on diesel to 2.50 rupees per litre from 7.50 rupees
per litre, the notification said.
India had in July imposed the windfall tax on crude oil
producers and levies on exports of gasoline, diesel and aviation
fuel after private refiners wanted to make gains from robust
refining margins in overseas markets, instead of selling it
cheap at home
The cuts came as Indian refiners continued to
stock
up discounted Russian fuel amid a steady increase in
domestic consumption.
The windfall taxes had been weighing on profits of
Indian refiners and explorers, with companies like Reliance
Industries , Vedanta Ltd , Oil India and Mangalore Refinery and Petrochemicals Ltd flagging
the impact in their latest quarterly results.
($1 = 82.7010 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru and Nikunj Ohri in
New Delhi; Editing by Sohini Goswami)
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
