India to Review Windfall Tax This Week

India is this week likely to review the windfall taxes on domestic crude and exports of diesel and jet fuel.

• On July 20 the government lowered the taxes on domestic crude and exports of diesel and aviation turbine fuel and removed the tax on overseas shipment of petrol. Global crude oil and refining spreads of domestic fuel companies have declined since the windfall taxes were introduced on 1^ST July.
• The windfall taxes are under fortnightly review after they were imposed to ensure adequate domestic supplies and shore up revenues from excess oil company profits.