India, July 16 -- Amid escalating tensions in West Asia due to the US-Iran war, the government has announced a hike in the windfall gains tax on exports of diesel and aviation turbine fuel (ATF). However, the Centre has also announced that it will lower the petrol levy for the fortnight, effective from Thursday, July 16.

Based on the official gazette released by the Ministry of Finance, the rate of Special Additional Excise Duty (SAED) on diesel exports has been increased to Rs.15.5 a litre from Rs.8.5 a litre.

Similarly, SAED on ATF exports has been raised to Rs.14.5 per litre from Rs.7.5 per litre till July 15. Track US Iran war LIVE updates

Meanwhile, the export duty on petrol has been cut to Rs.2.5 per litre, from Rs.4 per litre. ...