The government has set up an Inter-Ministerial Group headed by Defence Minister Rajnath Singh to monitor the Middle East conflict. It also slashed excise duties on petrol and diesel to stabilize domestic fuel prices amid a global energy crisis.
The government has set up an Inter-Ministerial Group, headed by Defence Minister Rajnath Singh, to monitor issues arising from the Middle East conflict, sources said. According to the sources, Union Home Minister Amit Shah, Union Finance Minister Nirmala Sitharaman, and Union Petroleum Minister Hardeep Singh Puri are among the members, along with other ministers.
Fuel Excise Duties Slashed
Earlier today, the government slashed excise duties for petrol and diesel, bringing them down to Rs 3 per litre of petrol and zero for a litre of diesel. Windfall tax on export of diesel has been set at 21.5 rupees/litre.
At the same time, the government has revised taxes on Aviation Turbine Fuel (ATF). A new excise duty of Rs 50 per litre has been introduced. However, exemptions will limit the effective duty to Rs 29.5 per litre, easing the burden on the aviation sector.
The notification says “Aviation Turbine Fuel Rs 50 per Litre” as a special additional excise duty, alongside exemptions that cap the effective rate at “Rs. 29.5 per litre” in certain cases. Other changes in excise duties have also been made to help maintain overall stability in fuel prices.
Global Energy Crisis Prompts Action
The reduction comes amid a global energy crisis due to the US-Israel war on Iran and the consequent Tehran-imposed blockade on the Strait of Hormuz, through which a fifth of the world’s crude oil and gas supply, between 20 and 25 million barrels per day, is shipped. Before the conflict, India bought 12 to 15 per cent of that oil.
Ministry Assures Adequate Fuel Supply
Meanwhile, the Ministry of Petroleum and Natural Gas, in an official statement, assured that “all retail outlets are operating normally across the country” and that there are “adequate stocks of petrol and diesel available at all petrol pumps.” It also urged citizens not to engage in panic buying amid circulating rumours.
Conflict Escalates in West Asia
On the situation in West Asia, despite US President Donald Trump making public peace overtures to Iran, the conflict continues. Israel Defence Forces on Saturday said that it had struck the Iranian Regime’s primary facility for the productions of missiles and sea mines in Yazd, Iran.
The IDF claimed that the site was used for the planning, development, assembly, and storage of advanced missiles intended for launch from cruise platforms, submarines, and helicopters toward both mobile and stationary maritime targets.
“In the strikes carried out across Tehran, the Air Force targeted infrastructure and sites used by the regime to produce weaponry, with an emphasis on ballistic missile production sites,” the IDF stated. (ANI)
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