India Slashes Diesel Export Tax as Global Fuel Crunch Deepens

India has nearly halved its export duty on diesel for the next two weeks while it hiked the levy on gasoline exports fivefold, effective October 16. The lower diesel export levy could encourage additional supply to the international market, which is reeling from a diesel crunch and price shocks, while the hike in the gasoline export duty appears to be intended to discourage gasoline exports. India reviews its export duty policy every fortnight to account for the prevailing domestic and international market conditions, including supply and prices.…