Concern in hike of petrol, diesel prices; Center cuts excise duty by Rs 10 per liter

NEW DELHI: Amid concerns that fuel prices will increase as a result of the Middle East war, the central government has cut excise duty on petrol and diesel. The reduction was by Rs 10 per liter on petrol and diesel. With this, the excise duty on petrol has come down from Rs 13 to Rs 3 and on diesel to zero. The excise duty on diesel was earlier Rs 10.

Following the West Asian crisis, on March 20, public sector oil companies had increased the price of premium petrol from Rs 2.09 to Rs 2.35 per litre. Nayara Energy, a private company with about 7,000 petrol pumps across the country, has increased the price of petrol by Rs 5 per litre and diesel by Rs 3. When local taxes are added, prices will rise again, including in Kerala. Since 90 percent of the market is controlled by public sector oil companies, it is estimated that the increase in the price of the naira will not immediately affect the public.

The Center has made it clear that there is no need to worry about fuel availability in the country even as the conflict in the Middle East increases. The government also says that there are oil reserves for 60 lakhs and LPG cylinder supply for 30 days. Prime Minister Narendra Modi has called an emergency meeting of the chief Ministers. The discussion will be held in a video conference at 6:30 pm today. It is learned that the crisis of petrol, cooking gas and other energy products will be discussed.