Government reintroduces windfall tax on petroleum crude after 2 months

The Indian government on Friday raised the windfall tax on petroleum crude to 1,600 Indian rupees ($19.49) per metric ton 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 4,100 rupees ($50.13) per metric ton, in May.