India, March 27 -- The government of India has cut the special additional excise duties on petrol and diesel, in a move seemingly to reduce losses of oil companies amid the Middle East conflict. In a government order on Thursday, the finance ministry reduced the special excise duty on petrol to Rs.3 per litre from Rs.13 earlier. It also cut the duty on diesel to zero from Rs.10.

The notification comes amid supply disruptions due to the ongoing US-Iran war. ".the Central Government, being satisfied that it is necessary in the public interest so to do.," reads a part of the order.

The changes were notified through amendments to central excise rules and duty structures, which "shall come into force with immediate effect," as per the Gazett...