Economics
India Slashes Windfall Tax on Fuel Exports, Reliance Jumps
- Levy on gasoline exports removed; diesel, jet fuel taxes cut
- Reliance’s export-focused refinery exempted from taxes
This article is for subscribers only.
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
India slashed windfall taxes on oil companies less than three weeks after they were imposed, driving a rally in the shares of the nation’s No. 1 fuel exporter Reliance Industries Ltd. and top crude explorer Oil & Natural Gas Corp.