By Admin 
Excise Duty Cut On Petrol & Diesel: Amidst the increasing tension in the Middle East and the global energy crisis caused by the blockage of the Strait of Hormuz, the Government of India has taken a big step to provide relief to the general public. People’s expectations have definitely increased with the decision to reduce excise duty on petrol and diesel by Rs 10, but the question still remains, will its benefits reach your pocket directly?
The government has reduced the excise duty on petrol to around Rs 3, while on diesel it has been reduced to zero. Usually, after such decisions, there is a reduction in retail prices, but in India, fuel prices are not completely decided by the government.
What is the benefit to the public?
Actually, the prices of petrol and diesel are decided by oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited. These companies keep in mind the international crude oil price, dollar-rupee exchange rate and their margins while deciding the price.
For this reason, experts believe that it is not necessary that the full benefit of reduction in excise duty reaches the consumers immediately, especially when there is uncertainty in the global market and fluctuations in crude oil prices continue.
What did the Finance Minister say?
Meanwhile, Nirmala Sitharaman has supported this decision and said that the aim of the government is to provide relief to the public from the pressure of inflation. He also clarified that despite the turmoil in the energy market, the government is committed to securing essential supplies and protecting the interests of the people.
In such a situation, this decision is definitely a big step towards relief, but whether petrol and diesel will be cheaper or not will depend on the global situation and the decisions of the oil companies in the coming days.
Also read: News of cut in excise duty and lockdown… Nirmala Sitharaman told what is the next plan