New Delhi, March 27 -- The recent reduction in excise duty on petrol and diesel will mainly help oil companies absorb their losses and prevent an immediate rise in fuel prices, said Ajay Bansal, President of the All India Petroleum Dealers Association (AIPDA), on Friday.

Speaking to ANI, Bansal said the relief provided by the Centre is aimed at offsetting the financial losses currently faced by oil marketing companies.

"The relief provided within the excise duty, specifically the reduction implemented by the Central Government, has a primary objective: to offset the financial losses currently being incurred by the oil companies," Bansal said.

He added that the revenue foregone through the excise duty cut will help companies cover their...