Govt cuts windfall tax on fuel exports as global crude oil prices fall

India imposed the taxes on July 1, joining a growing number of nations placing windfall levies to tap energy companies' booming profits

India eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than three weeks after they were imposed, offering relief for the nation’s No. 1 fuel exporter Reliance Industries Ltd. and top crude explorer Oil & Natural Gas Corp.

New Delhi reduced the windfall tax on diesel and aviation fuel shipments by Rs 2 a liter, and scrapped completely a Rs 6-per-liter levy on gasoline exports, according to a government notification. It also cut the tax on domestically produced crude by about 27% to Rs17,000 a ton. Bloomberg News first reported Thursday that the government was considering