India has adjusted its windfall tax on petroleum crude, reducing it to 8,400 Indian rupees ($100.66) per metric ton from 9,600 rupees, effective May 1. This decision comes after a recent increase in the tax from 6,800 rupees to 9,600 rupees per metric ton on April 16.
India introduced windfall profit taxes in July 2022, aligning with other countries that tax supernormal profits in the energy sector.
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