The government has sharply reduced special additional excise duties on petrol and diesel. Petrol duty has been slashed to Rs 3 per litre from Rs 13, while diesel duty has been reduced to nil from Rs 10. The move comes amid a global oil crisis triggered by the West Asia war, which has caused significant volatility in markets. The excise duty cut is aimed at regulating fuel prices for Indian consumers, even as international oil prices rise. The reduction is expected to provide leeway to oil marketing companies such as Hindustan Petroleum, Bharat Petroleum, and Indian Oil, which had earlier created profit reserves of around Rs 25,000 crore. The government’s decision comes ahead of elections and is seen as a preemptive measure to prevent the increased crude oil costs from being passed on directly to consumers. The ATF tax is also being revised in the gazette notification.
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