Excise Duty Slashed on Petrol to Rs. 3 per Liter and Diesel to Nil Amid Fuel Crisis

The world is facing a fuel crisis and during this, the government of India has slashed the excise duty on petrol and diesel. The central government lowered excise taxes on petrol and diesel by Rs. 10 per liter on Friday, reducing the taxes imposed by the center to Rs. 3 per liter for petrol and zero for diesel, according to the media reports.

Furthermore, to ensure an adequate domestic supply, the finance ministry imposed export levies of Rs. 21.5 per liter for diesel and Rs. 29.5 per liter for aviation turbine fuel (ATF).

Also Read

Vadh 2 OTT Release: When and Where to Watch Sanjay Mishra And Neena Gupta’s Crime Thriller?

Peddi Pehelwan First Glimpse Unveiled on Ram Charan’s 41st Birthday, Take a Closer Look!

Ramayana Starring Ranbir Kapoor, Sai Pallavi First Look to be Revealed On Hanuman Jayanti

The reduction, however, is unlikely to result in cheaper prices for the majority of consumers at petrol stations, according to industry sources, since it will mostly be absorbed by oil marketing businesses (OMCs) in order to make up for substantial losses on pump sales.

The increase in Brent crude prices, which has caused the global benchmark to surpass 100 USD per barrel, is largely responsible for the current loss of Rs. 48.8 per liter of petrol or diesel sold by oil marketing companies (OMCs).

For a month and more, in India, there is a fuel surcharge levied on food. Many restaurants and cafes have applied for the extra charge in bills, which also went viral on social media.