Industry Odisha Bureau, March 27: Even though the global crude oil prices are on a surging mode owing to the blockage of the strategic chokepoint of Strait of Hormuz imposed by Iran in retaliation to the US-Israel’s barrage of missile attacks, Indian government has reportedly cut the special additional excise duties levied on petrol and diesel in a bid to render relief to the oil companies not the consumers.
Reports said that the initiative of cutting the special additional excise duties taken by the Government of India (GoI) yesterday reportedly slashed petrol price to “Rs 3 per litre from Rs 13”, diesel has been “zero from earlier Rs 10”, while aviation turbine fuel “has been awarded a full exemption.”
However, the retail prices for the common consumers at the petrol pumps or fuel re-filling stations nationwide reportedly remain as it is, except the benefits to be reaped by the oil companies who have reportedly been bearing the brunt triggered by the Middle East tensions.
As per media reports, India used to source nearly 12-15% of its oil needs through the Strait of Hormuz before the closure was thrust by Iran.
Need to be mentioned that, around 20-25 million barrels of oil (about one-fifth of the world’s supply) used to pass through the Strait of Hormuz every day when normalcy reigned.
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