"Petrol duties were slashed from 13 rupees ($0.14) per litre to 3 rupees ($0.032) per litre, according to a government order on Thursday. Similarly, the 10-rupee (0.11) per litre duty on diesel will be completely removed."
"Oil prices have surged past $100 per barrel following Iran's near-closure of the Strait of Hormuz after Israel and the US launched attacks on February 28."
"Singh also debunked rumours of an impending lockdown as a result of the energy crisis, saying they are completely false and that India is resilient."
"Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit at nearly 1.55 trillion rupees ($16.3bn)."
India has reduced fuel taxes to shield consumers from escalating global energy prices caused by the conflict involving Iran. Petrol duties were cut from 13 rupees to 3 rupees per litre, and the diesel duty will be eliminated. Oil prices have surged past $100 per barrel due to the war. Despite concerns, authorities assure that there is no shortage of fuel, with reserves sufficient for 74 days. Analysts predict a significant fiscal impact from these tax cuts, while export taxes on diesel and aviation fuel have been reinstated.
Read at www.aljazeera.com
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