India introduces export duties for gasoil, gasoline and jet fuel

India has introduced export duties for gasoil, gasoline and jet fuel. This will help boost domestic supplies in addition to imposing a windfall tax on oil producers that have benefited from higher prices for petroleum products. The windfall tax on oil producers, in the form of a special additional excise duty, was set at Rs 23,250 per tonne of crude oil. The new export duties were set at Rs 6 per litre for both gasoline and jet fuel, and at Rs 13 per litre for gasoil. The government has also set new rules requiring oil companies exporting gasoline to sell to the domestic market the equivalent of 50 per cent of the amount sold to overseas customers in 2022-23.