New Delhi, March 27 -- The central government recently announced fuel excise cut on petrol and diesel. As per latest update on fuel prices, the Centre slashed Petrol duty to Rs.3/litre from Rs.13 and is offering Diesel with no excise duty which was earlier Rs.10.

However, this implies that there is no change in pump prices of petrol or diesel. This excise cut move has been made to help OMCs lower their under recoveries amid ongoing Middle East conflict that has caused volatility in the oil market due to near closure of Strait of Hormuz.

This comes after Nayara Energy, the premier private fuel merchant in India, implemented a price hike on Thursday, increasing petrol price by Rs.5 and diesel by Rs.3 per litre.

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