In line with the moderation in global crude prices and drop in refining margins, the Centre on Thursday undertook the third review of its recently imposed levies on fuel and cut the tax levy on domestic crude oil production to Rs 13,000 per tonne from Rs 17,750 a tonne.
The windfall tax on diesel, however, was hiked to Rs 7 a litre from Rs 5 a litre, and tax on export of aviation turbine fuel (ATF) was retained at Rs 2 a litre after being scrapped in the second review earlier this month, as per a Finance Ministry notification.
