US Edition
Published • loading... • Updated
India Cuts Excise Duties on Petrol, Diesel as Global Oil Prices Surge
- On Thursday, the Finance Ministry slashed excise duties on fuel, reducing petrol levies from Rs 13 to Rs 3 per litre and eliminating the Rs 10 duty on diesel entirely.
- Rising international oil prices, which jumped nearly 50% since late February following US-Israel strikes on Iran, prompted the government to act as supply routes faced disruption.
- Rating agency ICRA warned that crude prices reaching USD 100-105 per barrel could cause retailers to lose Rs 11 per litre on petrol and Rs 14 on diesel, while Nayara Energy previously raised prices by Rs 5 and Rs 3.
- Petroleum Minister Hardeep Singh Puri termed the tax cut a timely decision to offset company losses, while Indian Oil and Bharat Petroleum assured consumers that fuel supplies remain normal.
- BPCL warned that storing fuel in loose containers poses serious fire hazards amid panic-driven hoarding, as conflict continues to disrupt tanker movement through the Strait of Hormuz.
Insights by Ground AI
53 Articles
53 Articles
Union Ministers Hail Fuel Excise Duty Cut; Call It 'pro-people' Move
Get latest articles and stories on Business at LatestLY. Reacting to the government's decision to reduce excise duty on petrol and diesel, Puri said that while many countries have imposed strict fuel conservation measures and raised prices, India has prioritised affordability and supply stability. "When rest of the world has been taking drastic fuel conservation measures such as odd-even, 4 day work weeks, school and office closures and increasi…
The government did not say how much the duty cuts would cost. The move comes ahead of elections next month in several Indian states with voters known to be extremely sensitive to higher prices.
·United Kingdom
Read Full ArticleCoverage Details
Total News Sources53
Leaning Left6Leaning Right10Center7Last UpdatedBias Distribution44% Right
Bias Distribution
- 44% of the sources lean Right
44% Right
L 26%
C 30%
R 44%
Factuality
To view factuality data please Upgrade to Premium
