India has sharply reduced additional excise duty on petrol and diesel amid a deepening global energy crisis. Excise duty on petrol has been cut from ₹13 per litre to ₹3 per litre, while diesel duty has been reduced from ₹10 per litre to zero. The move comes as global crude oil prices surge due to the ongoing conflict involving the US, Israel and Iran, along with Tehran’s blockade of the Strait of Hormuz, a critical route carrying nearly a fifth of the world’s oil and gas supply. However, there will be no change in pump prices for consumers. The reduction is intended to help oil marketing companies lower their under-recoveries as they face losses due to rising oil costs and rupee depreciation. Petroleum Minister Hardeep Singh Puri praised the decision, saying while fuel costs have surged 20 to 50 per cent worldwide, India chose to shield citizens instead of passing on the full price hike. Panic buying and stocking of fuel and LPG cylinders has been reported across states despite government assurances of stability.
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