India Cuts Petrol Excise to Rs 3 and Diesel to Zero: Will Consumers See Lower Pump Prices?

The Indian government has reduced excise duties on petrol to Rs 3 and diesel to zero, effectively providing a Rs 10/litre cushion against global oil volatility. While this is a major fiscal move, retail pump prices are unlikely to decrease as the tax relief is being used to offset the massive losses currently sustained by state-run oil companies.