India Moves To Cool Fuel Costs As Government Cuts Petrol Tax, Scraps Diesel Levy

Overview

• - The government announced a petrol excise cut and removed a diesel levy to temper pump prices after recent retail hikes by private sellers.
• - The rupee fell to a new low near 94.24 per US dollar, which makes imported crude and refined fuels more expensive for the country.
• - The petroleum ministry and major fuel retailers said supplies remain steady, citing roughly 60 days of national stock for petrol, diesel and LPG.
• - Officials paired price moves with supply actions by increasing LPG allotments for industry and enforcing a switch to piped natural gas where available, warning cylinder deliveries may stop for homes that refuse.
• - Regional tensions persisted as Iran rejected a US ceasefire plan and separately granted India passage through the Strait of Hormuz, a key oil route that could help keep energy shipments flowing.