New Delhi, March 27 (IANS) Welcoming the Centre’s decision to reduce excise duty on petrol and diesel, people from different regions on Friday said the step would cushion consumers against a potential spike in fuel prices triggered by global conflicts.

Speaking to IANS, they said that the move will help prevent a sharp rise in fuel prices amid ongoing geopolitical tensions.

Avi Makwana from Rajkot said the move was a positive step by the government, adding that it would help stabilise fuel prices and offer relief to small traders.

“Fluctuations in fuel prices directly impact businesses, especially at the grassroots level,” he noted.

Echoing similar views, Keyur Anorkat said that the ongoing tensions involving the US, Israel and Iran have disrupted fuel supply globally, pushing prices upward in many countries.

He pointed out that while neighbouring nations like Pakistan and Sri Lanka have witnessed sharp increases in fuel prices, the Indian government’s decision to cut excise duty by Rs 10 per litre on both petrol and diesel would help contain inflationary pressures.

In Sangrur, former Punjab Petroleum Association president Vinod Bansal said the duty cut would not immediately reduce retail prices but would provide significant relief to oil marketing companies.

“The move would help offset losses and prevent a price hike that might have otherwise been inevitable due to the war-like situation,” he explained.

He also assured that there is no shortage of petrol and diesel in the country, with supply chains functioning smoothly.

Another local resident, Sukhdeep Singh, termed the decision beneficial, saying that it would ultimately support consumers in one way or another during uncertain times.

Earlier, Finance Minister Nirmala Sitharaman said the reduction in central excise duty on petrol and diesel would shield consumers from rising prices.

In a post on social media platform X, she stated that the duty cut of Rs 10 per litre on both fuels was aimed at protecting domestic consumption amid tensions in West Asia.

Following the revision, excise duty on petrol has been reduced to Rs 3 per litre from Rs 13, while on diesel it has been brought down to zero from Rs 10 per litre.

–IANS

pk