Breaking: Modi government cuts excise duty; diesel duty zero, petrol duty reduced to ₹3

Amid the ongoing Middle East crisis and rising global oil prices, the Modi government has taken a significant step to shield Indian consumers from fuel price shocks. The government announced a reduction in excise duty on petrol and diesel, cutting ₹10 from the previous rates. Diesel will now attract zero excise duty, while petrol duty has been reduced to just ₹3 per litre. This move comes as oil companies were under increasing pressure due to the soaring crude oil costs driven by geopolitical tensions. By reducing the government’s share of taxes, the initiative aims to ensure that the rise in global oil prices does not directly translate into higher costs for the public. Officials explained that oil marketing companies (OMCs), which were facing losses due to high crude costs, will now have a better cushion to manage pricing without passing the entire burden to consumers. Effectively, the government has tried to absorb part of the price shock to prevent further inflation in fuel, a key driver of overall living costs. Experts suggest that this measure could provide immediate relief to millions of citizens who rely on petrol and diesel for daily transport and logistics. While the final impact will also depend on the pricing decisions of individual oil companies, the excise duty reduction is seen as a proactive policy move by the government to protect consumers during a period of international uncertainty and soaring crude oil prices.

Go to Source