India has introduced a windfall gains tax of ₹3 per litre on petrol exports, effective May 16, while cutting export levies on diesel to ₹16.5 per litre and aviation turbine fuel to ₹16 per litre. The Finance Ministry said road and infrastructure cess on petrol and diesel exports will be nil, with no change to duties for domestic consumption. The move follows West Asia conflict-linked volatility, aiming to boost domestic availability and curb exporters benefiting from global price gaps.
Patrick Pouyanne, CEO of TotalEnergies, is set to be questioned by France’s finance committee next month after the company reported massive profits linked to the West Asia war. Lawmakers are pushing back against so-called war-time windfalls, with TotalEnergies among firms facing calls for a windfall tax. The hearing is scheduled for June 17.
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The government’s decision to cut excise duty on petrol and diesel has sparked expectations that windfall taxes on fuel exports will plug the revenue gap. But the simple arithmetic doesn’t back that optimism. With crude-price volatility still in play, the balancing act may fall short if costs rise faster than export-related gains.
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