India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

The Indian government on Friday raised the windfall tax on petroleum crude to Rs 1,600 ($19.49) per metric tonne from zero, according to a government notification.

The changes will take place from Saturday, the country’s Ministry of Finance said in a notification, adding that the government has left the windfall tax on diesel, petrol and aviation turbine fuel unchanged at zero.

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May.