India raises taxes on diesel and jet fuel exports

India has raised windfall taxes on exports of diesel and aviation turbine fuel as global oil prices surge amid an ⁠escalation ​of the U.S.-Iran conflict, according to a government order. The duty on diesel exports has been raised ​to ​15.5 rupees($0.1610) per litre from ⁠8.5 rupees per litre, while the aviation turbine fuel ‌duty has been increased to 14.5 rupees per litre from 7.5 rupees.The export duty on petrol has been lowered to 2.5 rupees per litre ⁠from 4 ⁠rupees per litre. The new rates will apply from ⁠July ‌16. Oil prices have surged ​after hostilities between ‌the United States and Iran intensified this week. The price ‌of the commodity ​rose ​on ​Wednesday, before easing slightly, as U.S. President Donald Trump ​reimposed a naval blockade ⁠on all Iranian ports and Iran launched retaliatory strikes on U.S. infrastructure ‌in ⁠the region.