India on Saturday hiked the windfall profit tax on the export of diesel and jet fuel effecting from October 16.
The tax on domestically produced crude oil has also been raised by Rs 3,000 per tonne to Rs 11,000 per tonne, reports PTI.
At the seventh fortnightly review, the finance ministry of India raised the windfall profit tax on the export of diesel to Rs 12 per litre from Rs 6.5 a litre, and brought back the levy on ATF (Aviation Turbine Fuel) exports at Rs 3.50 per litre from zero, finance ministry said in a notification.
On July 1, India first imposed windfall profit taxes, joining a growing number of nations that tax super normal profits of energy companies. But international oil prices have cooled since then, eroding the profit margins of both oil producers and refiners.
