The government on Wednesday slashed the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil following global oil price ease from a sharp spike.
The move, which is effective from July 20, will give relief to top fuel exporters like Reliance Industries, and oil explorers like Oil and Natural Gas Corporation (ONGC).
The Centre has scrapped a Rs 6 per litre tax on the export of petrol completely and reduced the same on aviation turbine fuel (ATF) to Rs 4 a litre from Rs 6 per litre. Besides, the tax on diesel has been reduced to Rs 11 from Rs 13 per litre, according to a government notification. Further, tax on domestically-produced crude has been cut by 27 per cent to Rs 17,000 per tonne.
