India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which took effect on October 18, come after previous increases in these taxes. The windfall tax on petroleum crude has been lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. The tax on ATF has been reduced from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre, and the tax on diesel has been decreased from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve. The windfall tax on petroleum crude was previously raised by 41% to ₹9,600 per metric tonne in mid-April, but it has now been reduced to ₹5,200 per metric tonne. The windfall tax rate on diesel and ATF remains unchanged at zero. The reduction in the windfall tax rate comes ahead of the OPEC+ meeting on June 2, where a decision will be made on extending production cuts. A decision to prolong the output cuts may push global crude prices upwards. The benchmark Brent crude has been hovering around $82-$83 per barrel mark. [9b33804f] [3585b1cc]