Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax

India’s diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed.

Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed.

Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June.

India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties of Rs 6 per litre were levied on petrol and aviation turbine fuel and Rs 13 a litre on diesel.