India has slashed windfall taxes on locally produced crude oil, and for exported diesel and aviation turbine fuel, in line with the decline in international prices.
The tax at the rate of INR 5 a litre on Aviation Turbine Fuel (ATF) exports was scrapped with effect from October 2, according to a finance ministry notification issued late Saturday night.
Indian Oil Corp., the nation’s largest fuel retailer, has lowered prices for aviation fuel by about 4.5% to INR 115,520.27 (approx. USD 1,418.38) every kiloliter in Delhi from October 1 to pass on the benefit to consumers.
