India has announced a significant tax reduction on crude oil and aviation turbine fuel
There has also been a reduction on export tax of diesel
Tax reduction on crude oil has come down from ₹4,900 to ₹1,700 per tonne
The move comes at a time when there is a 14% fall in global crude since November
A report stated that India has bought Russian crude barrels at a price below $60 cap agreed by the West
India is the third largest consumer as well as importer of oil
As per government data, demand for fuel in the country touched an eight-month high in November
The reasons for this rise in demand has been attributed to festivals and increase in industrial activity