Top News

The Union government on Thursday cut the special additional excise duty on petrol ⁠to Rs 3 per litre from Rs 13 per litre, and on diesel from Rs 10 to zero.

Fuel marketing companies in the country have been under strain as retail petrol and diesel prices remain frozen despite a nearly 50% surge in international oil prices since the conflict began in West Asia on February 28. The reduction in the special additional excise duty is expected to help them keep petrol and diesel prices stable.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that the government “has taken a huge hit on its taxation revenues” to make sure that the losses of oil companies are reduced.

“At the same time, export tax has been levied as international prices of petrol and diesel have skyrocketed and any refinery exporting to foreign nations will have to pay export tax,” Puri said.