India’s windfall tax on oil companies and refiners, introduced last week, could stay for a very long time, as the government plans to withdraw it only when oil prices drop by $40 per barrel from current levels, Indian Revenue Secretary Tarun Bajaj told Reuters on Monday. India last week introduced a windfall tax on oil producers and refiners who are exporting more due to the high international price of crude oil and refined products. What’s more, fuel exporters will be required to sell at least some of their product domestically. The new taxes will serve as an incentive to keep more product at home and export less—a reality that will further tighten international markets for oil and oil products. “As exports are becoming highly remunerative, it has been seen that certain refiners are drying out their pumps in the domestic market,” a government-issued statement read. The windfall tax took […]