India cuts windfall tax on diesel, raises petrol tax from July

India has adjusted its windfall taxes on fuel exports, slashing duties on diesel and aviation fuel while increasing the tax on petrol exports. These changes, effective July 1, reflect easing global oil prices and aim to secure domestic supply. Exemptions for exports to neighbouring countries have also been expanded. This move signals a shift in the government's approach to managing fuel revenues amidst fluctuating international markets.