The Indian government slashed the additional excise duty on both petrol and diesel amid rising worries about a fuel price hike across the country due to the ongoing West Asia crisis.
According to a government order, the additional excise duty on petrol was cut to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty on diesel was cut to nil from Rs 10 per litre earlier. This comes at a time when concerns are skyrocketing about a possible fuel price hike amid rising tensions in West Asia.
The conflict has affected global energy infrastructure, as Iran has effectively imposed a blanket blockade on the key Strait of Hormuz—an arterial passage that is responsible for shipping 90% of crude.
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