Crude Oil Price Surge: Centre Decides on Tax Cuts

Crude oil prices have risen significantly over the past month, increasing from $70 to $122 per barrel, Union Minister Hardeep Singh Puri stated. He noted that this surge has led to a 20–50% increase in petrol and diesel prices across several countries worldwide.

However, the minister emphasized that Prime Minister Narendra Modi has decided not to pass the burden onto the common public. In line with this approach, the government is taking measures to stabilize domestic fuel prices and protect consumers from rising costs.

To mitigate the losses faced by oil companies, the government has reduced certain taxes, Hardeep Singh Puri said in a post on X. He added that oil companies are currently incurring losses of approximately ₹24 per litre on petrol and ₹30 per litre on diesel.