The central government has reduced excise duty on domestic petrol and diesel by ₹10 per litre each to protect consumers from rising international oil prices.
However, the duty cuts are aimed at reducing oil companies' losses on auto fuels, without directly lowering pump prices of petrol and diesel.
Benchmark crude oil surged about 48.22% to $108.01 a barrel on Thursday from $72.87 before the start of the West Asia war on February 28.
Union minister for Petroleum and Natural Gas Hardeep Puri added that oil marketing companies were losing approximately ₹24 per litre on petrol and ₹30 per litre on diesel, and the duty reduction will provide much-needed relief.
