To provide relief to the public from the ever-rising prices of petrol and diesel in the country amid the global crisis, the government has reduced the excise duty on fuel. Due to this reduction, consumers across the country are paying lower prices at petrol and diesel pumps. This step provides direct relief to families and businesses at a time when the global energy market is under severe pressure due to the ongoing crisis in West Asia. Regarding this step of the government, the country’s Finance Minister Nirmala Sitharaman informed that by reducing the excise duty on petrol and diesel, the government will suffer a revenue loss of ₹1 lakh crore.
He also dismissed the gloomy sentiment surrounding India’s economic growth and defended the country’s economic situation. The Finance Minister made this statement at the Small Industries Development Bank of India’s (SIDBI) 37th Foundation Day celebrations in Mumbai.
On March 27th, the government reduced the special excise duty by ₹10 each to stabilize petrol and diesel prices. The duty on petrol was reduced from ₹13 per liter to ₹3, while the duty on diesel was reduced from ₹10 to zero. The central government previously charged a total of ₹21.90 excise duty on one liter of petrol.
Finance Minister Sitharaman stated that the pressures facing the Indian economy are primarily due to factors outside India’s borders, not India’s own policies. She added that India remains one of the world’s fastest-growing major economies. Several high-frequency indicators demonstrate that industrial demand and economic momentum remain strong in the country.
The Finance Minister said that the challenges we face are more external than internal. We need foreign exchange to import gold, fuel, and fertilizer. All three are affected by global commodity cycles and currency fluctuations.
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