India, March 27 -- The Government of India has reduced excise duties on petrol and diesel by 10 per litre each, lowering rates to 3 per litre for petrol and zero for diesel, in a bid to cushion the impact of rising global oil prices.

The move comes amid heightened volatility in global energy markets triggered by tensions in West Asia, particularly disruptions linked to the Strait of Hormuz.

In addition, the government has provided duty exemptions on fuel exports and supplies to foreign-going aircraft, while also granting customs duty relief on imported aviation turbine fuel (ATF) by rescinding a 2022 notification.

Oil marketing companies (OMCs) are expected to absorb the duty reduction to partially offset mounting losses, which are est...