Amid global turmoil, govt cuts excise duty on petrol, diesel by Rs 10 per litre - here's what it means for you

Amid reports of panic buying due to ongoing war between US-Israel-Iran, the government had slashed excise duty on petrol and diesel by Rs 10. The excise duty on petrol has been cut to Rs 3 per liter from Rs 13 per liter earlier, while the excise duty on diesel has been cut to 0 from Rs 10 earlier. The development holds significance amid rising worries about fuel price hike across the country. This comes after Nayara Energy, India's largest private fuel retailer, raised petrol prices by Rs 5 per litre and diesel by Rs 3 a litre. The government What it means for you?