The Government of India has announced a major reduction in excise duty on petrol and diesel, bringing relief amid rising global crude oil prices. As per the latest decision, excise duty on petrol has been reduced from ₹13 per litre to ₹3 per litre, while diesel duty has been completely removed from ₹10 to zero.
This move comes at a time when international oil prices have surged due to ongoing tensions in the Middle East, affecting global fuel supply chains. The government has taken this step to protect consumers from a sharp increase in fuel prices and reduce the financial burden on the public.
Officials stated that the decision was necessary to stabilize the domestic fuel market, as India depends heavily on crude oil imports. By cutting taxes, the government aims to absorb part of the rising costs instead of passing them entirely to consumers.
However, reports suggest that the reduction in excise duty may not immediately lead to a decrease in petrol and diesel prices at fuel stations. This is because oil companies are currently facing heavy losses due to high global crude prices and may adjust the benefit accordingly.
Overall, the excise duty cut is seen as a significant step to control inflation and support consumers during global energy instability, even though immediate price relief may be limited.
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