Excise duty cut on fuel offers relief amid global price surge: Amit Shah

Union Home Minister Amit Shah on Friday said that the Central governmentrsquos decision to reduce excise duty on petrol and diesel will provide significant relief to citizens at a time when global fuel prices are surging due to geopolitical tensionsHighlighting the impact of the ongoing crisis in West Asia Shah noted that many countries are facing fuel shortages and rising prices In contrast he said India has taken proactive steps to ease the burden on consumersPraise for Leadership and Policy InterventionIn a message posted on the social media platform X Shah credited Narendra Modi for the decision calling it an example of peoplecentric governanceHe emphasised that while several nations have increased fuel prices in response to global pressures the Indian government has chosen to reduce excise duty demonstrating sensitivity toward citizensrsquo needs The move he said reflects a governance approach focused on public welfare during times of economic stressExcise Duty Slashed to Cushion Price ImpactThe government has reduced excise duty on petrol and diesel by Rs 10 per litre each Following the revision excise duty on petrol now stands at Rs 3 per litre while diesel has effectively been brought down to zeroThe decision is aimed at cushioning the domestic market from the impact of rising international crude oil prices which have been influenced by ongoing geopolitical tensions particularly involving the United States Israel and IranIn addition to the excise duty reduction the government has also provided exemptions on duties for fuel exports and supplies to foreignbound aircraft Furthermore customs duty relief has been granted on imported aviation turbine fuel ATF reversing an earlier 2022 notificationGlobal Energy Crisis Drives Policy ResponseThe move comes against the backdrop of a deepening global energy crisis exacerbated by disruptions in key supply routes such as the Strait of Hormuz Concerns over supply constraints and rising crude prices had raised fears of a sharp increase in fuel prices domesticallyOil marketing companies are expected to absorb part of the financial impact of the duty cut Industry estimates suggest that these companies are currently facing losses of nearly Rs 488 per litre on fuel sales due to elevated global crude prices reported IANSOil Prices Show Signs of Easing Amid VolatilityAmid continued volatility global oil prices showed some signs of easing Brent crude futures declined by over 2 per cent to approximately USD 105 per barrel while US WTI crude also registered a drop of more than 25 per cent in early trading reported IANSDespite the temporary softening markets remain highly sensitive to geopolitical developments and uncertainty continues to influence price trendsGovernment Assures Stable Fuel SupplyThe Centre has reiterated that Indiarsquos petroleum and LPG supply remains stable and fully secure Authorities have also cautioned citizens against misinformation being circulated regarding fuel shortages reported IANSOfficials described such claims as part of a coordinated attempt to create unnecessary panic and urged the public to rely only on verified information The government maintained that adequate stocks are available and supply chains remain uninterrupted across the country reported IANSWith inputs from IANS