SRINAGAR: Government of India (GoI) on Thursday sharply reduced special excise duties on petrol and diesel as global fuel markets remain volatile due to supply disruptions linked to the Iran conflict.
According to a finance ministry order, the duty on petrol has been cut to Rs 3 per litre from Rs 13, while the levy on diesel has been reduced to zero from Rs 10 per litre.
The move comes amid concerns over tightening global supplies following the U.S.-Israeli war with Iran, which has led to a near closure of the Strait of Hormuz—a key route handling around 40 percent of global crude oil shipments—impacting shipping and fuel availability.
India, the world’s third-largest oil importer and consumer, relies on imports for over 90 percent of its crude oil requirements, making it highly vulnerable to global supply shocks.
