India Raises Export Tax on Diesel, Jet Fuel Amid Energy Crisis

India more than doubled export duties on diesel to 55.5 rupees ($0.6) per liter from 21.5 rupees, according to a gazette notification on Saturday.

The hike comes as the Middle East war weighs on the outlook for Asia’s third largest economy, which imports 90% of its crude. It will help the government shore up revenue collection as elevated oil prices and supply chain disruptions impact industries and consumers. It may also discourage refiners from selling abroad thus bolstering stockpiles.