"The Modi Government had two choices either increase prices drastically for citizens or bear the brunt on its finances so that Indian citizen is insulated from international volatility."
"The government has taken a huge hit on its taxation revenues to ensure that the very high losses of oil companies are reduced."
"Consumers may not see a cut in fuel retail prices immediately as the reductions will largely be absorbed by oil marketing companies, who have been selling petrol and diesel at a loss."
The Indian government has cut special additional duties on petrol and diesel to assist struggling oil marketing companies affected by global oil disruptions from the US-Israel war with Iran. Excise duty on petrol was reduced from 13 rupees to 3 rupees per liter, while the duty on diesel was eliminated. The volatility in crude prices has impacted India, which relies heavily on oil imports. The government aims to shield citizens from rising prices, although immediate reductions in retail fuel prices may not occur as companies absorb the cuts.
Read at www.dw.com
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