New Delhi, March 27 Union Home Minister Amit Shah on Friday said that amid global fuel shortages triggered by the West Asia crisis, which have pushed prices higher worldwide, the Modi government’s decision to cut excise duty on fuel offers much-needed relief to citizens.
Taking to social media platform X, Amit Shah said, “As the world is reeling under fuel shortages amid the West Asia crisis, driving up prices globally, the Modi government's decision to cut excise duty on fuel brings much-needed relief to citizens."
He added, “While many nations have hiked diesel and petrol prices, Modi govt’s decision to reduce excise duty underscores its people-centric governance and sensitivity-led decision-making. Kudos to PM Shri Narendra Modi Ji for this decision."
Meanwhile, the government slashed excise duties on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre for petrol and zero for diesel, in a move aimed at cushioning the impact of surging global oil prices.
The government has also provided exemptions on duties for fuel exports and supplies to foreign-going aircraft.
Separately, the Centre has rescinded an earlier 2022 notification and granted customs duty relief on imported aviation turbine fuel (ATF).
The reduction comes amid fears of a price hike due to the global energy crisis, triggered by the US-Israel conflict with Iran and the resultant blockade of the Strait of Hormuz.
Oil marketing companies (OMCs) are expected to absorb the reduction to offset mounting losses. OMCs are currently estimated to be incurring losses of around Rs 48.8 per litre on fuel sales, largely due to elevated global crude prices.
Meanwhile, global oil prices declined, with Brent crude futures falling 2.29 per cent to $105.53 per barrel. US WTI futures also dropped 2.54 per cent to $92.08 as of 8.50 a.m.
The government on Thursday categorically stated that India's petroleum and LPG supply situation is fully secure and under control, calling upon citizens not to be misled by a "deliberately mischievous, coordinated campaign of misinformation" that is being carried out to spread unjustified panic.
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