India has slashed excise duty on fuel to cushion the impact of the global oil shock triggered by the West Asia war. The levy on petrol has been reduced from ₹13 to ₹3 per litre, while the diesel levy has been cut to zero. However, there is no change in pump prices for consumers. The decision, taken after a late-night meeting chaired by Prime Minister Narendra Modi, aims to provide relief to oil marketing companies struggling with rising crude oil prices and a weakening rupee. Petroleum Minister Hardeep Singh Puri stated that while fuel prices have surged 20 to 50% globally, India has chosen to absorb the shock. Crude oil prices have risen from $70 to nearly $122 per barrel, yet fuel prices in India have remained stable. Comparatively, fuel prices have increased over 30% in Sri Lanka and the United States, 23% in China, and around 17-18% in Germany and France. The opposition has questioned the timing and effectiveness of the move.
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