UPDATE 1 — India raises windfall tax on petrol, cuts duty on diesel
(Recasts throughout with details and background on export duties) Oct 15 (Reuters) — India has raised the windfall tax on exports of petrol and cut the duty on diesel, according to a government order issued late Thursday. The export duty on petrol was raised to 2.5 rupees ($0.0263) per litre from 0.5 rupees per litre, while the duty on diesel exports was cut to 8.5 rupees per litre from 16 rupees per litre, effective October 16, the order said. India first imposed windfall taxes on fuel exports in July 2022 and withdrew them two years later. The government reintroduced the tax in March 2026 after crude prices jumped during the US-Israeli war on Iran. The export duties are currently reviewed every fortnight and adjusted in line with movements in international crude oil and petroleum product prices. ($1 = 95.0550 Indian rupees) (Reporting by Kanjyik Ghosh in Barcelona, Chris Thomas in Mexico City;) ((kanjyik.ghosh@thomsonreuters.com)
(Recasts throughout with details and background on export duties) Oct 15 (Reuters) — India has raised the windfall tax on exports of petrol and cut the duty on diesel, according to a government order issued late Thursday. The export duty on petrol was raised to 2.5 rupees ($0.0263) per litre from 0.5 rupees per litre, while the duty on diesel exports was cut to 8.5 rupees per litre from 16 rupees per litre, effective October 16, the order said. India first imposed windfall taxes on fuel exports in July 2022 and withdrew them two years later. The government reintroduced the tax in March 2026 after crude prices jumped during the US-Israeli war on Iran.
The export duties are currently reviewed every fortnight and adjusted in line with movements in international crude oil and petroleum product prices. ($1 = 95.0550 Indian rupees) (Reporting by Kanjyik Ghosh in Barcelona, Chris Thomas in Mexico City;) ((kanjyik.ghosh@thomsonreuters.com)