Union Minister Nityanand Rai announced the Centre is working to reduce petrol and diesel prices amid global crises. To stabilise prices, the Finance Ministry has slashed special excise duty on petrol to Rs 3/litre and on diesel to zero.
The Central government is working to reduce the price of petrol and diesel for the convenience of citizens amid the global crisis, said Minister of State for Home Affairs Nityanand Rai on Saturday as the West Asia conflict continues to impact the global fuel supply chain.
Speaking to the media, the MoS credited Prime Minister Narendra Modi's leadership for keeping India's energy supply stable, claiming that other nations are struggling due to inflated prices. "When the world is passing through a phase of global crises, India is safe under the capable and successful leadership of Prime Minister Narendra Modi. While prices of everything, especially petrol and diesel, are rising in other countries, the Central Government is taking care to reduce the prices of petrol and diesel in India and ensure that the citizens do not face any kind of inconvenience," said Rai.
Government Cuts Excise Duty on Fuel
Meanwhile, the Finance Ministry has reduced special excise duty on petroleum products to keep petrol and diesel prices stable. The duty on petrol has been cut from Rs 13 to Rs 3 per litre, while diesel duty has been reduced from Rs 10 to zero. The announcement comes under the supply disruptions of crude amid the ongoing West Asia crisis "...the Central Government, being satisfied that it is necessary in the public interest so to do...," notes a part of the order.
New Excise Duty on Aviation Fuel
At the same time, the government has revised taxes on Aviation Turbine Fuel (ATF). A new excise duty of Rs 50 per litre has been introduced. However, exemptions will limit the effective duty to Rs 29.5 per litre, easing the burden on the aviation sector. The notification says "Aviation Turbine Fuel Rs 50 per Litre" as a special additional excise duty, alongside exemptions that cap the effective rate at "Rs. 29.5 per litre" in certain cases.
Other changes in excise duties have also been made to help maintain overall stability in fuel prices. The government said the changes are in the public interest, aiming to balance consumer relief, revenue needs and industry requirements amid global energy uncertainty.
Sufficient Fuel Stock Assured Amidst Crisis
The Ministry of Petroleum and Natural Gas has also reiterated that India has sufficient stock of crude oil, petrol and diesel, while ensuring an uninterrupted supply of LNG and LPG despite disruptions caused by the ongoing West Asia conflict.
Background on West Asia Conflict
The conflict in West Asia began with Israel-US strikes on Iran on February 28, killing Supreme Leader Ayatollah Ali Khamenei. As Iran retaliated, it widened the ambit of the conflict, affecting its neighbours in the region. (ANI)
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