Summary
India has decreased fuel taxes to help consumers amid rising global energy prices due to the conflict involving the United States, Israel, and Iran. Petrol and diesel duties were reduced as part of these measures, while authorities confirmed that there is no fuel shortage. India also dismissed rumors of a lockdown due to this energy situation.
Key Facts
- India has cut fuel taxes to protect consumers from rising energy prices.
- The changes were made due to the conflict between the U.S., Israel, and Iran.
- Petrol duties decreased from 13 rupees to 3 rupees per litre.
- The 10-rupee duty on diesel is fully removed.
- Oil prices have risen above $100 a barrel.
- India relies on the Strait of Hormuz for 40% of its crude oil imports.
- Authorities state there is no current fuel shortage and India has reserves lasting 74 days.
- There are no plans for a lockdown due to the energy situation, according to Indian authorities.
