
The Central Government has announced a reduction in excise duty on petrol and diesel by up to ₹10 per litre, aiming to provide relief to consumers even as global fuel prices continue to surge amid geopolitical tensions in West Asia. This move comes at a time when international crude oil benchmarks have crossed $100 per barrel, triggering widespread price hikes at pumps worldwide. In many countries, petrol and diesel prices have risen sharply, with increases reaching up to 50% in several markets since the escalation of conflicts disrupting supply routes like the Strait of Hormuz. Nations across Europe, the US, and Asia have reported significant jumps, with diesel seeing particularly aggressive hikes due to its critical role in transportation and logistics. Meanwhile, states ruled by the Congress party have also implemented increases in fuel prices through adjustments in VAT and other local levies, adding to the burden on consumers in those regions despite the central relief measure. The government's decision is expected to help moderate retail prices in the coming days and support economic activities amid the challenging global scenario. @thetrid.ent
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