India raised diesel export tax to ₹15.5/litre and jet fuel to ₹14.5/litre, while cutting gasoline levy. The changes could curb exports from one of Asia's top fuel suppliers as US-Iran tensions tighten oil markets.
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India increased taxes on exports of diesel and aviation turbine fuel. The collapse of the US-Iran interim peace deal and renewed hostilities have choked oil flows, tightening global fuel markets.
The levy on diesel exports was raised to ₹15.5 a litre from ₹8.50 for the second half of July, according to a finance ministry notification. Taxes on exports of gasoline were lowered to ₹2.5 a litre from ₹4. Jet fuel taxes went up to ₹14.5 a litre from ₹7.50.
The higher taxes could curb exports just as shipments from India, one of Asia's largest fuel suppliers, are headed for their highest level since September. Exports of products such as diesel and gasoline in July are seen about a fifth higher from a year earlier, as refiners cash in on strong profit margins amid acute supply tightness in the US and Europe.
The tax changes hit Reliance Industries (RELIANCE) and other large refiners, which have been cashing in on those margins. India reviews the duties every fortnight based on average international prices for crude and refined products during the preceding period. The mechanism lets New Delhi adjust levies in response to shifting global energy markets while prioritising local fuel availability.
India, the world's fourth-largest refining hub, imports more than 85% of its crude oil requirement while exporting large volumes of refined fuels.
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