The centre cut its windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and reduced the export tax on diesel, according to a government order dated December 15.
The Ministry of Finance slashed the tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, a government notification said.
