** Credit Suisse says an excise duty reduction on petrol and diesel and a likely cut on VAT will give buffer to oil marketing companies (OMCs) until oil prices hit $65/bbl

** Earlier this week, India's oil ministry asked for 5 pct decrease in additional state levy, a day after the federal government trimmed factory gate tax on petrol and diesel by 2 rupees/litre

** Brokerage says near-term margins could stay weak as OMCs pass on full tax cut benefit, but will normalise in coming months

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