Kochi: In a major relief, the Union government on Friday cut down excise duties for petrol and diesel by Rs 10 per litre each, media reports said.
This has brought down taxes on petrol to Rs 3 per litre of petrol and making it zero for diesel.
There are fears among the people the benefit will not reach the end users as Oil Marketing Companies (OMC) will use it to offset heavy losses on pump sales.
OMCs are currently losing Rs 48.8 per litre of petrol or diesel sold, in large part due to the surge in Brent crude prices.
The global benchmark crossed the US$100 per barrel red line after the US-Israel war on Iran and the Strait of Hormuz blockade.
Centre cuts oil excise duties
