New Delhi, 20/7:India eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than three weeks after they were imposed, offering relief for the nation’s No. 1 fuel exporter Reliance Industries Ltd and top crude explorer Oil & Natural Gas Corp.
New Delhi reduced the windfall tax on diesel and aviation fuel shipments by Rs 2 (3 cents) a litre, and scrapped completely a Rs 6-per-litre levy on gasoline exports, according to a government notification. It also cut the tax on domestically produced crude by about 27 per cent to Rs 17,000 a tonne. Bloomberg News first reported Thursday that the government was considering lowering the taxes.
India imposed the taxes on July 1, joining a growing number of nations placing windfall levies to tap energy companies’ booming profits. But international fuel prices have cooled since then, eroding profit margins at both oil producers and refiners.
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