2. Windfall tax on domestic oil, fuel exports scrapped

India Ends Windfall Tax on Crude Oil and Fuel Exports

• The Indian government has repealed the windfall tax on domestic crude oil production and exports of diesel, petrol, and aviation turbine fuel.
  The tax was imposed as a result of falling global crude oil prices, along with reduced profits of domestic oil producers.
• The tax has been referred to as special additional excise duty (SAED) and applies on the domestically produced crude oil effective July 1, 2022.
  Brent crude futures rose to $72.6 per barrel on Monday.