India, March 27 --  The Centre on Friday sharply cut excise duty on petrol from Rs.13 to Rs.3 per litre and reduced duty on diesel from Rs.10 to zero. The move comes as international crude oil prices surged due to escalating tensions in the Middle East, especially after the US‑Israel conflict involving Iran and blockades around the Strait of Hormuz, a key global energy route.

This was a strategic attempt to shield Indian consumers from sudden price spikes, like many other countries are experiencing. Global fuel prices have climbed sharply, with crude oil briefly crossing the US$100-US$120 per barrel mark, pushing up costs worldwide.

Petrol and Diesel News: What is the Government's Stand on Petrol Price?

Union Petroleum Minis...