The record
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- The Indian government has raised windfall taxes on petroleum product exports effective 3 August 2026, according to an official order.
- The tax on petrol exports rose from ₹2.5 to ₹3.5 per litre, diesel from ₹15.5 to ₹24 per litre, and jet fuel (ATF) from ₹14.5 to ₹22 per litre.
- The revision comes even as global oil prices fell sharply after US President Donald Trump signalled fresh talks with Iran, which Iran denied were under way.
- The government reviews these taxes every two weeks and uses them to capture extra refiner profits during price surges and to keep enough fuel available for domestic consumption.
What to watch next
- The next fortnightly review of windfall tax rates by the government
- Whether US-Iran talks materialise and how Brent crude prices move
- The status of tanker access through the Persian Gulf and Strait of Hormuz
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Named India · United States · Iran · American Airlines · Norwegian Cruise Line Holdings · United Airlines · Donald Trump · Government of India
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