India Increases Export Taxes on Diesel and Jet Fuel
India raised export duties on diesel and jet fuel for the period July 16–31 in response to tightening global fuel markets due to a return of the Hormuz crisis. The taxes were nearly doubled, with diesel at INR 15.50 per liter (up from INR 8.5) and jet fuel at INR 14.50 per liter (from INR 7.5). Analysts suggest this could reduce Indian exports of these fuels during a time when global refined product inventories are already low.
Topics: energy markets fuel exports tax policy