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India Considers Lowering Windfall Tax as Global Oil Prices Decline

  • India officials to meet Friday to consider reduction in taxes
  • Global price fall eroded super-profits on refiners, explorers
Oil barrels loaded on a truck in Faridabad, India. 

Oil barrels loaded on a truck in Faridabad, India. 

Photographer: Anindito Mukherjee/Bloomberg
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India is considering lowering the recently implemented windfall tax as profits of fuel exporters and oil producers are dwindling due to the crash in global crude prices, according to people familiar with the matter. 

The measure, aimed at taxing super-normal profits on local oil production, export shipments of gasoline, diesel and jet fuel, will be reviewed at a meeting on Friday, said the people, who declined to be identified as the discussions are private. If a cut is decided upon, it could be implemented immediately, they added.