New Delhi, March 27 -- Amid the West Asia crisis and rising crude oil prices, the Finance Ministry has reduced special excise duty on petroleum products to keep petrol and diesel prices stable.

The duty on petrol has been cut from Rs 13 to Rs 3 per litre, while diesel duty has been reduced from Rs 10 to zero.

The announcement comes under the supply disruptions of crude amid the ongoing West Asia crisis "...the Central Government, being satisfied that it is necessary in the public interest so to do...," notes a part of the order.

At the same time, the government has revised taxes on Aviation Turbine Fuel (ATF). A new excise duty of Rs 50 per litre has been introduced. However, exemptions will limit the effective duty to Rs 29.5 per litr...