New Delhi [India], March 27 : Union Minister Jyotiraditya M Scindia on Friday lauded the Central government's decision to reduce excise duties on petrol and diesel, calling it a "pro-people decision" at a critical moment in global energy markets.
In a post shared on X, Scindia credited Prime Minister Narendra Modi for acting with "strong foresight and resolve" amid rising volatility in international energy markets. He said the reduction in excise duty on petrol and diesel would help cushion consumers against price fluctuations triggered by global disruptions, ensuring that the burden does not fall on the common man.
"A pro-people decision at a critical gloman moment. As volatility grips international energy markets, India led by PM narendramodi ji, has acted yet again with strong foresight and resolve. The reduction in excise duty on petrol and diesel by ₹10 per litre each will significantly cushion citizens from price shocks, ensuring that the burden of external disruptions does not fall on the common man. At the same time, calibrated export duties on diesel and ATF will enhance domestic availability, reinforcing the nation's energy security," he wrote.
Scindia noted that the government's approach strikes a balance between economic prudence and public welfare, placing citizens at the centre of policymaking.
"Under the astute leadership of our Hon'ble Prime Minister, Bharat once again demonstrates its commitment to balancing economic prudence with public welfare placing our citizens at the very heart of policy," the post further read.
https://x.com/jm_scindia/status/2037412332494786638
The remarks come after the Central government reduced excise duty on petrol to ₹3 per litre and brought it down to zero for diesel, as per a Gazette notification issued under the provisions of the Central Excise Act, 1944. Additionally, a windfall tax of ₹21.5 per litre has been imposed on diesel exports.
The decision follows escalating tensions in West Asia, particularly the ongoing conflict involving the United States, Israel, and Iran, which has led to a blockade of the Strait of Hormuza crucial route that handles nearly one-fifth of the world's crude oil supply. Before the crisis, India sourced around 12-15% of its oil imports through this route.
While the duty cut is expected to ease pressure on oil marketing companies facing losses due to surging crude prices, retail prices of petrol and diesel have remained unchanged so far.
Meanwhile, the government has maintained that fuel supplies across the country remain stable. The Ministry of Petroleum and Natural Gas, in an official statement, assured that "all retail outlets are operating normally across the country" and that there are "adequate stocks of petrol and diesel available at all petrol pumps." It also urged citizens not to engage in panic buying amid circulating rumours.
Officials added that refineries are functioning at high capacity with sufficient crude inventories, and domestic LPG production has been ramped up to meet demand.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor