India Reduces Excise Duty on Petrol and Diesel Amid Global Oil Price Surge

The Government of India has implemented a Rs 10 per litre excise duty reduction on petrol and diesel to mitigate the impact of soaring international crude oil prices and support public sector oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. This move comes as crude prices have jumped from USD 70 to USD 122 per barrel due to geopolitical tensions in West Asia. While retail pump prices remain stable, the cut helps offset under-recoveries faced by the companies, with a combined daily loss of Rs 2,400 crore being partially reduced. The Government is also discouraging diesel export to prioritize domestic supply during this period of price instability.

Source: Original Link