New Delhi, March 27: India’s Finance Minister Nirmala Sitharaman announced on Friday that the central government’s decision to reduce excise duty on petrol and diesel by ₹10 aims to protect citizens from the impact of rising global crude oil prices. She emphasized that the government chose to absorb the burden rather than pass it on to consumers.
Sitharaman stated that this move reflects Prime Minister Narendra Modi’s clear policy vision for ensuring price stability and adequate fuel supply across the nation.
She explained that the price reduction was made to prevent additional strain on the public. While oil prices are climbing internationally, the Prime Minister’s approach focuses on two key points: first, there should be no increase in domestic petrol and diesel prices, and second, there must be sufficient supply to avoid shortages.
The Finance Minister highlighted that despite fluctuations in international crude oil prices, the government is actively taking steps to maintain stability in domestic fuel markets. The excise duty cut will ensure that oil marketing companies continue to receive support, allowing them to maintain supply without transferring increased costs to consumers.
Sitharaman further noted that this measure guarantees that refineries will sustain adequate supply, and regardless of market conditions, the government will bear costs to prevent price hikes for the public.
She also mentioned that this decision was made after high-level consultations in light of Ram Navami. On that day, the Prime Minister consulted with all officials, informed Parliament in the morning, and publicly announced the decision.
Criticizing the opposition, Sitharaman condemned their response to this initiative, labeling it as politically motivated.
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