Bureau Prayagraj- The government has made a big cut in the special additional excise duty on petrol and diesel. Excise duty on petrol has been reduced from Rs 13 per liter to Rs 3, while on diesel this duty has been reduced from Rs 10 to zero. This decision is expected to reduce fuel prices in the country.
The ongoing conflict between America, Israel and Iran in West Asia has had a direct impact on the supply of crude oil. Crude oil became expensive due to supply disruption, which increased cost pressure on Indian fuel companies. Meanwhile, Naira Energy increased the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter. However, due to VAT and other taxes of the states, this increase may reach Rs 5.30 per liter in some places. Naira Energy operates 6,967 pumps out of 1,02,075 petrol pumps across the country.
Government oil marketing companies have not yet changed the prices of normal petrol and diesel, but prices have been increased in premium and industrial categories. In Delhi, the premium of 95-octane petrol has increased from Rs 99.89 to Rs 101.89 per liter. At the same time, the price of bulk or industrial diesel has increased from Rs 87.67 to Rs 109.59 per liter. Almost 90% of the country’s fuel market is controlled by government companies like Indian Oil, Hindustan Petroleum and Bharat Petroleum.
There was a slight decline in crude oil prices in early trading on Friday. There was relief in the market after America announced to stop attacks on Iran’s energy plants for 10 days. Brent futures fell 0.8% to $107.11 a barrel and US West Texas Intermediate fell 0.88% to $93.65 a barrel. However, a day earlier these prices had seen a sharp increase of 5.7% and 4.6% respectively.
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