FILE PHOTO: A fireman holds a water supply nozzle while petroleum products are transported on a vessel from the Vadinar refinery, operated by Essar Oil Ltd., (EOL) on jetty off Essar ports in the western Indian state of Gujarat June 6, 2012. REUTERS/Amit Dave/File Photo
Sept 17 (Reuters) – The Indian government has cut the windfall tax on petroleum crude to zero from 1,850 rupees per metric ton, effective from Sept. 18, a notification issued on Tuesday showed.
The Indian government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices.
Global benchmark Brent crude prices have fallen to below $75 a barrel from over $92 a barrel in April.
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