Government Eases Fuel Price Crisis Amid Global Oil Surge

In a strategic move to stabilize domestic fuel prices amid a global surge, the Indian government has slashed excise duties on petrol and diesel by Rs 10 per litre. However, retail consumers will not see a price drop as the reduction will offset high input costs, according to Oil Minister Hardeep Singh Puri.

Facing climbing international oil prices, which have jumped over 50% recently, the government reinstated export duties on diesel and aviation turbine fuel to curb refiners' windfall profits and ensure sufficient domestic supply. Public sector oil companies are exempt from this levy, maintaining focus on domestic needs.

The efforts highlight India's commitment to shielding consumers amidst geopolitical upheavals and record-high global crude prices. Finance Minister Nirmala Sitharaman emphasized that such measures are vital to protect citizens from fluctuating essential goods and energy supplies.

(With inputs from agencies.)