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India U-turns on Fuel Export Taxes but Drops Domestic Crude Tax

OIL PRODUCTS

India has increased export taxes on jet fuel to 2 rupees per litre from zero and diesel to 7 rupees per litre from 5 rupees, the finance ministry notification said this week.

  • Tax on domestically produced crude oil was cut to 13,000 rupees per tonne from 17,750 rupees per tonne.
  • The changes will come into effect August 19.

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