Govt slashes excise duty on petrol to Rs 3/litre, exempts diesel to shield consumers from global crude price rise
GST
Dated:- 27-3-2026
PTI
New Delhi, Mar 27 (PTI) The government has slashed excise duty on petrol to Rs 3 a litre and exempted diesel from the duty as it seeks to shield consumers from the impact of rising global crude prices amid the ongoing war in the Middle East.
Global crude prices have risen by almost 50 per cent since the United States and Israel launched military strikes against Iran on February 28, triggering sweeping retaliation from Tehran.
In a notification issued late on March 26, the Finance Ministry cut excise duty to Rs 3 a litre, from Rs 13 a litre earlier, while the levy on diesel has been sla
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ep retail sale prices stable at existing levels, giving oil companies more headroom to collect additional revenue to compensate for refining losses.
International oil prices touched USD 119 per barrel earlier this month on the intensifying Iran war, before pulling back to around USD 100 a barrel.
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz.
Following the US and Israeli attacks on Iranian government, military and nuclear facilities, Iran warned shipping away from the strait, and insurers withdrew coverage, effectively halting tanker movements.
Nayara Energy, which operates 6,967 of India's 102,075 petrol pumps, has decided to pass on
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