India has nearly doubled export duties on diesel and aviation fuel, effective since July 16. The duty on diesel rose from 8.5 to 15.5 rupees per litre, an 82% increase, while aviation fuel duty almost doubled from 7.5 to 14.5 rupees per litre. This measure aims to protect domestic stocks against potential supply disruptions linked to tensions between the United States and Iran, with India being the world’s third-largest oil importer. Rising energy costs impact global inflation and transportation expenses, potentially influencing central banks’ interest rate decisions and affecting risk assets such as crypto. India is home to one of the largest retail crypto trading populations globally.
Source: Read the original article
