New Delhi:- The government has reduced excise duty on petrol and diesel by Rs 10 each. The duty on petrol has been reduced from Rs 13 per litre to Rs 3, while the duty on diesel has been reduced from Rs 10 to zero. The cut in excise duty has kept the prices of petrol and diesel stable.
Due to Iran's war with the US and Israel, crude oil prices in the international market have increased from $70 to $110 per barrel. Due to this, oil companies have suffered a loss of up to Rs 30 per litre. To make up for these losses, oil companies could have increased prices.