The Centre has announced a sharp reduction in excise duty on petrol and diesel amid rising global concerns triggered by the ongoing West Asia crisis. The excise duty on petrol has been cut from Rs 13 per litre to Rs 3, while diesel has been reduced from Rs 10 per litre to zero, offering potential relief to consumers.Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated that the government has taken a significant hit on tax revenues to cushion oil marketing companies (OMCs) from heavy losses caused by soaring international fuel prices. He added that export taxes have also been imposed to ensure domestic availability.Finance Minister Nirmala Sitharaman said the move aims to shield citizens from rising fuel costs and stabilize the supply of essential goods. Union Home Minister Amit Shah also termed the decision a “much-needed relief” as global fuel prices surge.While the excise cut lowers the base price of fuel, no official announcement has yet been made regarding a reduction in retail prices. Experts believe the move could reduce transportation costs and ease inflationary pressures.Meanwhile, oil companies such as Bharat Petroleum and Indian Oil Corporation have assured that fuel supplies remain stable, urging citizens to avoid panic buying and misinformation. 
