India, March 28 -- The Government has cut excise duty on petrol and diesel by INR 10 per litre to shield consumers from rising global oil prices, even as crude surged past $100 per barrel amid geopolitical tensions. The reduction-offsetting steep under-recoveries faced by oil marketing companies-will not lower retail fuel prices, which have remained unchanged since April 2022.

To balance revenue loss and ensure domestic supply, export duties of INR 21.5 per litre on diesel and INR 29.5 per litre on aviation turbine fuel have been reintroduced. Officials said the move discourages excessive exports by refiners and prioritizes domestic availability.

India, which imports nearly 88 per cent of its crude, has avoided sharp fuel price hikes se...