Hyderabad (Telangana) [India], March 27 : Bharatiya Janata Party (BJP) Telangana President N Ramchander Rao on Friday lauded the central government's decision to slash excise duties on petrol and diesel.
Rao stated that the reduction in excise duties would bring down fuel prices, offering relief to the common man.
He pointed out that India is the only country reducing petroleum prices amid the global energy crisis.
Speaking to ANI, Rao said, "The decision of the government of India to cut down the central excise tax on the petroleum products and now with this decision of the government of India, the petroleum and diesel prices have come down...We request the state government to reduce the VAT so that the prices will come down further."
"India is the only country which has reduced the prices of petroleum products like diesel and petrol...We appeal to the people of Telangana and also the people of other places that there is no shortage of these stocks...This decision of the Government of India will provide relief to the common man," he said.
Earlier in the day, the government slashed excise duties for petrol and diesel, bringing them down to Rs 3 per litre of petrol and zero for a litre of diesel. Windfall tax on export of diesel has been set at 21.5 rupees/litre.
The reduction comes amid a global energy crisis due to the US-Israel war on Iran and the consequent Tehran-imposed blockade on the Strait of Hormuz, through which a fifth of the world's crude oil and gas supply, between 20 and 25 million barrels per day, is shipped.
Before the conflict, India bought 12 to 15 per cent of that oil.
This move brings relief to oil marketing companies who were losing money on the marketing side because the cost of crude oil was shooting up. Retail prices of Petrol and Diesel remain unchanged as of now.
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