New Delhi. Amidst the ongoing severe tension in West Asia (Middle East) and rising prices of crude oil in the international market, the Central Government has given great relief to the people of the country. Modi government has taken a historic decision to drastically reduce the excise duty on petrol and diesel. Union Finance Minister Nirmala Sitharaman has called the move a ‘bold and timely decision’ taken to protect the interests of consumers.

Duty on diesel becomes ‘zero’, big relief of ₹10 on petrol too

After this new decision of the government, there will be a big fall in fuel prices across the country. According to the Finance Minister, the excise duty on petrol and diesel will be around Rs. Rs 10 per liter has been reduced up to.

• diesel: After this cut, excise duty on diesel reduced ‘Zero’ (0) is done.

• petrol: Duty on petrol now reduced to approx Rs 3 per liter is left.

  This decision will have a direct impact on freight transportation and public transport, which is expected to curb rising inflation.

Rejected the news of lockdown, appealed to avoid rumors

Putting an end to the discussions about imposing ‘lockdown’ in the country amid fuel crisis and global tension, Nirmala Sitharaman clarified that such news is completely misleading and baseless. “The government has no plans to impose any kind of lockdown due to the fuel crisis,” he said. The Finance Minister termed the fear being spread by opposition leaders as ‘irresponsible’ and appealed to the public not to panic.

Hardeep Puri and Kiran Rijiju said – “The situation is completely under control”

Praising the decision, Union Petroleum Minister Hardeep Singh Puri said that this step will provide stability to the Indian economy in a time of global uncertainty. At the same time, while talking to the media outside the Parliament complex on Friday, Union Minister Kiren Rijiju clearly said that the situation in the country is completely under control. He assured the public that the government is ready to deal with every challenge and should not pay attention to any rumours.

Hormuz crisis and the challenge of crude oil

This decision has come at a time when global crude oil prices have surged due to supply disruption in the Strait of Hormuz. Modi government, showing its foresight, not only reduced the excise duty, but also kept the supply chain strong by ensuring oil import from 41 countries. The Finance Minister said that the government under the leadership of Prime Minister Narendra Modi is committed to providing relief to the last person.