Union Finance Minister Nirmala Sitharaman announced a reduction of Rs 10 in excise duty on petrol and diesel to shield citizens from the impact of escalating global crude oil prices. This decision, aimed at maintaining price stability and ensuring sufficient fuel supply nationwide, reflects Prime Minister Narendra Modi’s policy approach.
Sitharaman highlighted that the price reduction was implemented to alleviate the financial burden on the public amidst increasing oil prices globally. She emphasized the government’s commitment to absorbing the additional costs rather than transferring them to consumers. The move is part of proactive measures to stabilize the domestic fuel market despite fluctuations in international crude prices.
The Finance Minister underscored that the excise duty cut would support oil marketing companies in maintaining a steady supply chain without transferring the heightened expenses to consumers. By absorbing the market pressures, the government aims to prevent price hikes and ensure a consistent fuel supply for the public. Sitharaman also mentioned that the decision was made following consultations at the highest level on the occasion of Ram Navami.
Critiquing the opposition’s response as politically driven, Sitharaman condemned their actions as petty and aimed at hindering relief measures for the public. She reiterated that without government support, consumers would face significantly higher fuel costs, emphasizing the importance of the excise duty reduction in shielding citizens from global oil price fluctuations. The immediate impact of this reduction is expected to alleviate inflationary pressures and aid oil marketing companies during uncertain global energy market conditions.
