India significantly increases excess profits tax on crude oil, gasoline and kerosene

BANGALORE (Reuters) – India has increased its excess profits and export taxes on crude oil and oil products, in some cases significantly.

From Tuesday, 2100 rupees (almost 24 euros) per tonne of crude oil would be due instead of the previous 1700 rupees, according to a government directive published on Monday. Accordingly, the export tax on diesel will also be increased to 7.5 rupees per liter from five rupees. The tax on kerosene will triple from 1.5 rupees per liter to 4.5 rupees. India is the world’s largest oil consumer and importer. The country is currently buying Russian oil at prices well below the $60 per barrel price limit advertised by Western countries. The government imposed the excess profit tax and export levy in July after refiners increasingly turned to overseas markets for higher profit margins.

(Report by Urvi Dugar; Written by Scot W. Stevenson; Edited by Birgit Mittwollen.; If you have any questions, please contact our editorial team at [email protected] (for politics and the economy) or [email protected] (for companies and markets).)

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