Petrol Gets Cheaper as Excise Duty Reduced in India
India Cuts Excise Duty on Petrol, Removes Tax on Diesel: The ongoing tensions in the Middle East and disruption in the Strait of Hormuz have triggered a global energy crisis, pushing crude oil prices sharply higher and impacting economies worldwide.
In response, the Government of India has reduced excise duty on petrol and diesel to ease pressure on consumers and oil companies. Petrol excise duty has been cut by ₹10, while diesel has been exempted from excise duty. The move aims to prevent further fuel price hikes despite rising international crude prices, which have surged from around $70 to over $120 per barrel.
To tackle the gas shortage, the Centre has directed states to increase commercial LPG supply by 20 percent, prioritizing key sectors such as steel, automobile, textile, chemical, and plastic industries. The Ministry of Petroleum and Natural Gas has assured that India has sufficient fuel reserves for the next two months and urged citizens not to panic or believe rumors about shortages or lockdowns.
Meanwhile, a high-level committee led by Rajnath Singh, along with Amit Shah, Nirmala Sitharaman, and Hardeep Singh Puri, has been formed to monitor the evolving situation. Officials warn that prolonged instability could pose serious economic challenges not only for India but for the global economy.
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