India Hikes Diesel and Jet Fuel Export Tax

AI Summary

India has nearly doubled export taxes on diesel and jet fuel for two weeks starting July 16 to address tightening fuel markets amid the Hormuz crisis. This policy adjustment reflects India's response to fluctuating market conditions impacting supply and prices.

India has hiked the export duties it will be charging on exports of diesel and jet fuel for the two weeks starting July 16, as the return of the Hormuz crisis is set to further tighten fuel markets. The export taxes on diesel and aviation fuel were nearly doubled per liter of the fuels, a notice from India’s Finance Ministry showed on Thursday. India reviews its export duty policy every fortnight to account for the prevailing domestic and international market conditions, including supply and prices. In the latest review for the period July…