India has increased the export duties on diesel and jet fuel, effective from July 16, as the Hormuz crisis is set to further tighten fuel markets.
The export tax on diesel has been raised from 8.5 rupees ($0.10) to 15.50 rupees ($0.16) per liter, while the jet fuel export tax has been increased from 7.5 rupees to 14.5 rupees:
However, India has lowered the export duty on gasoline to 2.5 rupees per liter, down from 4 rupees:
Analysts expect that the increased export duties could curb some of India's high fuel exports, which is not good news for the global fuel market that is already exceptionally tight on diesel stocks:
