The Indian government has cut the excise duty on petrol and diesel by ₹10 per litre, a move that comes as the West Asia war impacts global fuel supply and logistics. While retail prices remain unchanged, the decision aims to ease pressure on oil marketing companies. This action follows a meeting between Prime Minister Narendra Modi and Chief Ministers to address potential inflation and supply issues, with assurances of no lockdowns and easing LPG rationing. Amid the crisis, which includes Israeli strikes on Tehran and Lebanon, an energy expert warns oil prices could reach $160 per barrel. The conflict has also rattled markets, with the Sensex plunging nearly 1,700 points. Experts are urging India to increase its strategic petroleum reserves from the current 100 million barrels to 400 million to enhance energy security, as a blockage of the Strait of Hormuz threatens the global economy.
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