The finance ministry issued a notification late on Thursday night reducing the special excise duty on petrol and diesel by ₹10 a litre. India’s import basket of crude oil has risen to $123.15 a barrel for March compared with $69.01 a barrel in February. “However, the excise duty cuts are likely to have a significant fiscal implication. She pointed out that the government also did not bring down retail prices when international crude oil prices came down. She likened the tax cut with oil bonds floated by the UPA government to protect the consumers against rising international crude oil prices.

Source: The Telegraph March 28, 2026 06:13 UTC