New Delhi, March 27: The Indian government announced a reduction of ₹10 per liter in excise duty on petrol and diesel on Friday. Following this decision, the excise duty on petrol has decreased to ₹3 per liter, while it has been completely eliminated for diesel. This move aims to mitigate the impact of rising crude oil prices due to the ongoing conflict between the U.S. and Iran.
Additionally, the government has provided exemptions on excise duties for fuel exports and fuel supplied to foreign aircraft.
Moreover, the central government has revoked a previous notification from 2022, offering relief on excise duty for imported aviation turbine fuel (ATF).
It is anticipated that oil marketing companies (OMCs) will adjust this reduction to compensate for their increasing losses. Currently, OMCs are reportedly facing a loss of approximately ₹48.8 per liter on fuel sales, primarily due to the surge in global crude oil prices.
In recent weeks, crude oil prices have surged significantly due to tensions in the Middle East. The benchmark Brent crude has risen nearly 40% over the past month and currently stands at $101 per barrel.
The government reassured citizens on Thursday that the supply of petroleum and LPG in India remains secure and under control. Authorities urged the public not to be misled by “malicious and orchestrated propaganda” aimed at creating unnecessary panic.
The Petroleum Ministry stated that India has a total stockpile sufficient for 74 days, with approximately 60 days of actual stock available, including crude oil reserves, product stock, and special strategic storage in caves.
The ministry also noted that “today marks the 27th day of the Middle East crisis,” and there is adequate supply available at all retail fuel outlets.
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My name is Himanshu Tiwari. 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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