New Delhi has cut cess on crude to Rs 10,500 per tonne, according to a notification from the Ministry of Finance. India has also lowered windfall tax on diesel to Rs 10 per litre and on ATF to Rs 5 per litre. This is the fifth revision of windfall tax since it's implementation on July 1. The new rates will be effective from tomorrow. The basket of crude oil that New Delhi buys has averaged $92.67 per barrel this month, falling from $97.40 in August.
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