India raises windfall tax on diesel exports ₹14, ATF ₹12.5
The Indian government just bumped up the windfall tax on diesel and aviation turbine fuel (ATF) exports.
Now, exporters will pay ₹14 per liter for diesel (up from ₹13.5) and ₹12.5 per liter for ATF (up from ₹9.5).
Gasoline export duties stay the same at ₹1.5 per liter, so no changes there.
March 26 tax aimed at exporters
This windfall tax was first brought in on March 26 when tensions in West Asia sent global oil prices soaring.
The idea is to make sure enough fuel stays available within India by discouraging too many exports when prices spike worldwide.
If you're worried about local prices, the finance ministry says there's no change to taxes on gasoline or diesel sold within India (this move mainly targets exporters to keep things stable at home during global uncertainty).