The Indian government has announced a significant reduction in the excise duty levied on petrol and diesel amidst an ongoing fuel crisis. This decision aims to provide much-needed relief to both general consumers and oil marketing companies struggling with the impact of rising crude oil prices.
As part of this measure, the government has slashed the excise duty on petrol by 10 per liter, bringing the previous charge of 13 down to just 3 per liter. Furthermore, the 10 per liter excise duty on diesel has been completely eliminated, reducing the tax burden to zero.
Government officials expect this move to stabilize the income of oil companies and prevent a further surge in retail fuel prices. By lowering these taxes, the administration hopes to balance the market and ease the financial pressure on the public caused by the global energy crisis.
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