India cuts fuel export taxes

India has cut fuel export taxes for the second time in less than two weeks and increased a windfall tax on locally produced crude oil, a government notification on Tuesday said.

India cut export taxes on jet fuel to zero from 4 rupees per litre and diesel to 5 rupees per litre from 11 rupees per litre, the finance ministry notification said.

The changes will be effective from Wednesday.

India, which is the world's third largest oil importer, on Tuesday also raised the tax on domestically produced crude to 17,750 rupees ($226.14) per tonne from 17,000 rupees per tonne, the government notification said.