According to a government statement, India has reduced a windfall tax on the shipping of diesel and aviation fuel by 2 rupees per liter.
Additionally, as of July 20, New Delhi reduced the levy on domestically produced crude to 17,000 rupees per tonne.
India levied the windfall tax on oil producers and refiners on July 1 in response to their increased product exports in an effort to benefit from greater international margins.
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