India hikes tax on locally produced crude, cuts export taxes on diesel, jet fuel

India has increased tax on locally produced crude oil and cut export taxes on jet fuel and diesel, according to a government notification on Tuesday.

India raised the tax on domestically produced crude to 17,750 rupees ($226.14) per tonne from 17,000 rupees per tonne, while cutting export taxes on jet fuel to zero from 4 rupees per litre and diesel to 5 rupees per litre from 11 rupees per litre. ($1 = 78.4900 Indian rupees).