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Excise Duty Hike, No Price Rise
In a recent development, India’s Oil Minister Hardeep Singh Puri announced an increase in the excise duty levied on petrol and diesel. Despite this fiscal move, the government has assured consumers that fuel prices at the pump will remain unchanged.
To shield the public from any financial burden, oil marketing companies (OMCs) have been directed to absorb the additional cost resulting from the tax hike. This strategic decision is aimed at maintaining price stability and supporting economic resilience amid global fluctuations in crude oil prices.
The ministry emphasized that the revision in excise duty is part of broader economic planning and will not disrupt the affordability of fuel for end-users. Industry experts suggest that this approach balances government revenue needs with consumer interest.
