India scraps windfall tax on crude oil
The Indian government has abolished the windfall tax on petroleum crude, effective September 18th, a notification issued on Tuesday showed.
This decision follows a significant drop in global crude oil prices, which have fallen below $75 per barrel from a peak of over $92 earlier this year. The windfall tax, which was imposed to capture excess profits from rising crude prices, has been reviewed and adjusted every two weeks.
Attribution: Reuters
