India Increases Windfall Tax on Crude Oil

India has raised its windfall tax on petroleum crude effective July 16, the government said in a notification on Monday.  The windfall tax on petroleum crude was revised up to $83.75 (7,000 Indian rupees) per metric ton, up from $71.78 (6,000 rupees) per ton.  The raised tax, which is being levied in the form of a Special Additional Excise Duty (SAED), will be effective for two weeks starting on Tuesday.  India first introduced the windfall tax in July 2022, joining other governments in taxing excessive profits at the energy…