India raises taxes on diesel and jet fuel exports
XLE•Oil prices rise amid U.S.-Iran tensions
Oil prices have surged after hostilities between the United States and Iran intensified this week. The price of the commodity rose on Wednesday, before easing slightly, as U.S. President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikes on U.S. infrastructure in the region.
($1 = 96.2500 Indian rupees)
India raises windfall taxes on fuel exports
India has raised windfall taxes on exports of diesel and aviation turbine fuel as global oil prices surge amid an escalation of the U.S.-Iran conflict, according to a government order.
The duty on diesel exports has been raised to 15.5 rupees ($0.1610) per litre from 8.5 rupees per litre, while the aviation turbine fuel duty has been increased to 14.5 rupees per litre from 7.5 rupees.
Petrol export duty lowered and new rates start July 16
The export duty on petrol has been lowered to 2.5 rupees per litre from 4 rupees per litre.
The new rates will apply from July 16.
