India Raises Fuel Export Tax to Build Buffer as Wars Curb Supply

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessIndia Raises Fuel Export Tax to Build Buffer as Wars Curb SupplyIndia increased levies on exports of oil products to bolster domestic fuel stockpiles while global supplies remained tight despite a pause in fighting between the US and Iran.Author of the article:Rakesh Sharma and Ruchi Bhatia You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — India increased levies on exports of oil products to bolster domestic fuel stockpiles while global supplies remained tight despite a pause in fighting between the US and Iran.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe tax on diesel export has been raised to 24 rupees a liter effective from Aug. 3, from 15.5 rupees in July second half, according to a finance ministry notification on Friday. The government will charge another 1.5 rupees per liter on diesel exports as road and infrastructure levy.Tariff on gasoline exports were increased 3.5 rupees from 2.5 rupees and that on jet fuel was lifted to 22 rupees from 14.5 rupees per liter. The increase in taxes could restrain exports just as shipments from India, one of Asia’s largest fuel suppliers, are climbing and boosting profits for refiners. July outflows of products, such as diesel and gasoline, are seen about 16% higher from a year earlier. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againGlobal fuel output tightened as refinery activity fell to its lowest seasonal level in July since the pandemic, according to Goldman Sachs Group Inc. Russia’s ban on diesel exports after Ukrainian attacks on its refineries has stifled global oil products supplies, and lower Indian shipments may worsen the squeeze.However, the higher levies will help India build stockpiles as concerns remain over ships transiting through crucial chokepoints in the Middle East, despite US calling off attacks on Iran. President Donald Trump has said talks with the Islamic Republic would begin on Monday. Several Indian refineries are also scheduled to undertake maintenance over the next few months, which may crimp supplies further.New Delhi reviews the taxes every fortnight based on average international prices for crude oil and refined products during the preceding period. The mechanism allows the government to adjust duties in response to changes in global energy markets while prioritizing local fuel availability.India, the world’s fourth-largest refining hub, imports about 90% of its crude oil requirement while exporting large volumes of refined fuels.—With assistance from Devidutta Tripathy.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.