India hikes tax on locally produced crude, cuts export taxes on diesel, jet fuel

India raised the tax on domestically produced crude to 17,750 rupees ($226.14) per tonne from 17,000 rupees per tonne.

India has increased tax on locally produced crude oil and cut export taxes on jet fuel and diesel, according to a government notification on Tuesday.

India hikes tax on locally produced crude, cuts export taxes on diesel, jet fuel (HT File/Representational image)

India raised the tax on domestically produced crude to 17,750 rupees ($226.14) per tonne from 17,000 rupees per tonne, while cutting export taxes on jet fuel to zero from 4 rupees per litre and diesel to 5 rupees per litre from 11 rupees per litre. ($1 = 78.4900 Indian rupees).