The Indian Ministry of Finance has announced a reduction in special additional excise duties on petrol and diesel. The new rates came into effect on 27 March.
New excise rates
India reduced special additional excise duties on petrol from Rs 2 to Rs 1 per litre. The excise duty on diesel was reduced from Rs 4 to Rs 2 per litre.
The changes came into force on 27 March. This was reported by the Ministry of Finance of India.
Reasons for the changes
The decision was made amid fluctuations in oil prices on global markets. The goal is to stabilise the domestic fuel market and support consumers.
According to the government, the reduction in excise taxes will help reduce the financial pressure on citizens and businesses.
Context.
India is one of the largest oil importers in the world. Additional excise taxes on fuel have been introduced to regulate prices and fill the budget.
Changes in tax policy may affect the cost of fuel for end users.
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