India raises windfall taxes on petroleum, crude oil and ATF

India has raised windfall tax on petroleum, crude oil and aviation turbine fuel (ATF), the raised tax on ATF will now be INR 4.5 per litre from INR 1.5, as per the Indian government order dated January 2, 2023. India has been buying Russian crude barrels at well below a $60 price cap agreed by the West. The windfall tax on crude oil is raised to $25.38 per tonne from $20.55. In July 2022, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to