Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday highlighted the PM Modi government’s decision to slash excise duties on petrol and diesel by Rs 10 per litre each, reducing prices to Rs 3 per litre for petrol and zero for diesel.
Speaking on social media platform X, he explained that the government chose to absorb the financial burden rather than pass on steep price hikes to Indian citizens, as seen in many other countries.
International crude prices have gone through the roof in the last 1 month from around 70 dollars/barrel to around 122 dollars/barrel. Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30%-50% in South East Asian…
— Hardeep Singh Puri (@HardeepSPuri) March 27, 2026
Puri noted that international crude prices surged from around $70 to $122 per barrel over the past month, causing petrol and diesel prices to rise sharply worldwide.
The government opted to take the financial hit again, in line with its four-year commitment since the Russia-Ukraine conflict began, to shield Indian consumers from volatility.
Puri added that the government is incurring significant excise revenue losses, while oil marketing companies are absorbing mounting losses of about Rs 24 per litre for petrol and Rs 30 per litre for diesel.
Additionally, the Centre imposed export taxes on fuel exports and provided exemptions for supplies to foreign-bound aircraft, along with customs duty relief on imported aviation turbine fuel.
The measures aim to mitigate the domestic impact of the global energy crisis, triggered by the US-Israel conflict with Iran and disruptions near the Strait of Hormuz.
Global crude prices eased slightly, with Brent crude falling 2.29 per cent to $105.53 per barrel and US WTI declining 2.54 per cent to $92.08.
Across India, the excise cut and associated measures reflect the government’s proactive approach to ensuring energy affordability and shielding citizens from international market shocks.
Also Read: Trump Praises PM Modi, Says ‘We Get Things Done’
To read more such news, download Bharat Express news apps
