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Strait of Hormuz chokehold: What is happening to petrol prices in India and neighbouring nations amid oil supply crunch?

A month into the Middle East conflict, global crude markets remain under strain, with prices rising nearly 50% since the United States and Israel launched strikes on Iran on February 28, triggering a strong response from Tehran. Oil prices had earlier surged to as high as $119 per barrel amid heightened tensions involving Iran, before…

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‘Petrol, diesel crisis developing worldwide’: PM Modi cautions during 132nd Mann ki Baat | India News

NEW DELHI: Prime Minister Narendra Modi on Sunday cautioned that a petrol and diesel crisis was developing worldwide as ongoing conflicts continued to affect key energy regions.Speaking during the 132nd episode of Mann Ki Baat, he said, “This month of March has been extremely eventful on a global level. We all remember that, in the…

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Petrol, diesel prices today: With ongoing US-Israel-Iran war, what India’s fuel situation looks like – 10 things to know

Petrol prices today: Petrol prices in New Delhi on Saturday remained unchanged at Rs 94.77 per litre, while diesel is steady at Rs 87.67 per litre. Similarly, Mumbai sees petrol at Rs 103.54 per litre and diesel at Rs 90.03, with no change from yesterday. Kolkata reported a slight fall in petrol prices to Rs…

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Petrol Diesel Excise Duty: Govt slashes excise duty on petrol, diesel to shield consumers, oil companies | India News

NEW DELHI: The Centre stepped in to shield consumers and oil companies from the impact of high crude prices — which have surged 62% this month over Feb for Indian refiners — and slashed excise duty, a move that will leave a Rs 1.3 lakh crore hole for the exchequer.With fuel retailers, including IndianOil, Hindustan…

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To keep fuel prices stable, govt hikes ATF duty, cuts excise on petrol, diesel

As the Middle East conflict continues to disrupt global oil supplies, the Centre has stepped in to ensure better fuel availability for citizens. In a bid to cushion local consumers from the ripples, the government has imposed fresh duties on fuel exports while easing the domestic excise duties. Finance minister Nirmala Sitharaman announced that export…

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‘Govt had 2 choices’: Fuel minister explains why Centre cut excise duty on petrol, diesel; addresses lockdown rumours

NEW DELHI: Union petroleum and natural gas minister Hardeep Singh Puri on Friday said the government chose to cut excise duties on petrol and diesel to shield consumers from surging global energy prices amid the ongoing US-Israel-Iran war and disruptions in the Strait of Hormuz. He said the move, reducing petrol duty to Rs 3…

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