India takes a ‘huge hit’ on tax revenue to keep fuel prices from surging during the Iran war
By Priyanka Salve
Published on March 27, 2026.
The Indian government has reduced central excise duties on petrol and diesel for domestic consumption by 10 rupees ($0.11) per liter each to prevent rising global energy prices during the Iran war. The cuts will reduce losses faced by oil companies, which currently stand at around 24 rupees per liter for petrol and 30 rupees for diesel. The government also increased duties on diesel exports to 21.5 rupees and aviation turbine fuel to 29.5 per liter.
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