Will India's high tax cut on crude oil bring down fuel prices?

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

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