Nirmala Sitharaman cuts petrol excise to ₹3, diesel duty abolished
To help Indians deal with global oil price hikes linked to the West Asian conflict, Finance Minister Nirmala Sitharaman just announced big cuts on petrol and diesel taxes.
Petrol excise duty drops from ₹13 to ₹3 per liter, and the ₹10 duty on diesel is gone, making fuel a bit lighter on everyone's wallet.
Sitharaman credits quick action, highlights reforms
Even though global oil prices rose from about $70 a barrel to over $122 a barrel in just over a month (an increase of more than 70%), domestic fuel prices haven't budged much.
Sitharaman credited this stability to the government's quick action: the government is taking steps to ensure such external factors do not become a burden on citizens.
She also reassured that India's finances remain healthy and highlighted new economic reforms in the Finance Bill 2026 aimed at boosting growth and efficiency.