The Indian government has sharply cut special additional excise duties on petrol and diesel amid the ongoing West Asia crisis. 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 is designed to provide relief to oil marketing companies (OMCs) rather than immediately lowering pump prices for consumers. OMCs have been absorbing losses for the past month as global crude oil prices have more than doubled. The government is expected to forego approximately Rs 1,55,000 crore in revenue through this measure. India imports about 50 to 55 lakh barrels of crude oil daily, spending around Rs 5,000 crore every day on energy imports. Experts suggest retail pump prices are unlikely to rise despite the crisis, particularly with state elections scheduled in April. The move is seen as a preemptive measure to manage the economic impact of supply concerns stemming from the blockade in the Strait of Hormuz, which accounts for 20 per cent of the world’s energy supply.
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