Centre Slashes Fuel Excise Duty by Rs 10, Calls It a "Ram Navami Gift"

Manoj Tiwari said, "This is the biggest news of the day. The country has received a gift on Ram Navami."

"There was a feeling in the country that, as a result of the conflict in the Gulf region, the prices of petrol and diesel could increase by Rs 10 to Rs 12 (per litre). But the Indian government took the entire burden upon itself," he told reporters.

He expressed faith that the fuel prices will no longer be hiked in the nation.

"Now the prices of diesel and petrol will not be required to be increased anywhere in the country. For this, Prime Minister Narendra Modi's government has taken this decision today itself."

Tiwari further added, "If anyone hikes the prices of diesel or petrol anywhere (in the country), you tell them that we have reduced the excise duty itself, by Rs 10 per litre (each). This is the (PM) Modi government's responsibility towards the citizens."

Earlier in the day, the central government slashed excise duty on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre for petrol and zero for diesel.

The reduction comes amid fears of a price hike due to the global energy crisis, triggered by the US-Israel conflict with Iran and the resultant blockade of the Strait of Hormuz.

However, the government clarified that retail prices of petrol and diesel will not change, and the excise reduction is not being passed on as a price cut at the pump.

Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - who have continued to supply fuel to Indian consumers at prices well below their cost of supply, the Petroleum Ministry said.

- IANS