New Delhi, March 27: Finance Minister Nirmala Sitharaman announced on Friday that the reduction in excise duty on petrol and diesel will protect consumers from rising prices.
In a statement on the social media platform ‘X’, Sitharaman highlighted that amid tensions in West Asia, the central excise duty on petrol and diesel has been reduced by ₹10 per liter for domestic consumption. This move aims to shield consumers from price hikes.
The excise duty on petrol has now decreased to ₹3 per liter, down from ₹13 per liter previously. For diesel, the excise duty has been slashed to zero, previously set at ₹10 per liter.
In her post, the Finance Minister emphasized that Prime Minister Narendra Modi has consistently ensured that citizens are safeguarded from fluctuations in the supply and cost of essential goods.
Additionally, a charge of ₹21.5 per liter has been imposed on diesel exports and ₹29.5 per liter on aviation turbine fuel (ATF). This measure aims to ensure adequate availability of these products for domestic consumption.
It is anticipated that oil marketing companies (OMCs) will adjust this reduction to compensate for their increasing losses. OMCs are facing significant losses in retail fuel sales due to a sharp rise in crude oil prices.
Following tensions in the Middle East, crude oil prices have surged dramatically. Over the past month, the benchmark Brent crude price has increased by nearly 40%, currently standing at $101 per barrel.
Central Commerce and Industry Minister Piyush Goyal described the excise duty cut on petrol and diesel as a crucial step.
In a social media post, Goyal stated that Prime Minister Modi’s decision will provide protection to 1.4 billion Indians from global instability. He further noted that despite fluctuations in global energy markets due to the West Asia crisis, the central government has ensured direct price relief by reducing excise duty by ₹10 per liter. By imposing strategic export duties on diesel and aviation turbine fuel, the government is prioritizing domestic supply to maintain India’s growth momentum.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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