India, March 27 -- In a major move to support oil marketing companies, the government has significantly reduced excise duty on fuel. The Finance Ministry, in a notification dated March 26, cut excise duty on petrol to Rs 3 per litre from Rs 13 per litre earlier, while completely removing excise duty on diesel, bringing it down from Rs 10 per litre to zero.
The decision is aimed at helping companies such as Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Indian Oil Corporation (IOC) manage the impact of rising global crude oil prices amid the ongoing Middle East conflict.
The revised duty rates have come into effect immediately, as per the ministry.
Published by HT Digital Content Services ...