In a major move to protect the public from skyrocketing costs, the Indian Government has officially announced a significant Reduction in Fuel Taxes.
Unveiled on Friday, March 27, this policy change comes as the West Asia Conflict continues to cause chaos in Global Energy Supplies.
Finance Minister Nirmala Sitharaman confirmed that the Central Excise Duty on both petrol and diesel has been lowered to ease the burden on every household.
Because India is a massive Crude Oil Importer, it relies on foreign nations for over 85% of its energy, with Russia currently serving as the primary source.
To stabilize the market, the government has cut Petrol and Diesel Taxes by 10 Rupees per Litre.
Furthermore, to ensure there is enough fuel for everyone at home, new Export Levies have been placed on refined products.
Specifically, Diesel Exports will now face a charge of 21.5 rupees, while Aviation Turbine Fuel will see a 29.5 rupee fee.
These measures are designed to prioritize Domestic Consumption and prevent local shortages while international prices remain volatile.
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