India slashes fuel excise duty, but prices at pump unchanged
India
The Indian government just lowered excise duty on gasoline (now ₹3 per liter, down from ₹13 per liter) and diesel (now ₹0 per liter, down from ₹10 per liter) to help out oil companies hit by global market chaos.
But if you were hoping for cheaper fuel at the pump, no luck. Retail prices for consumers aren't changing.
Nayara Energy recently increased fuel prices
Oil companies have been struggling with losses thanks to unpredictable global oil prices and tensions near the Strait of Hormuz.
The tax break is meant to give these companies some breathing room as they deal with those challenges.
This move comes right after private player Nayara Energy hiked its own fuel prices, showing how much international events are shaking things up at home.