India cuts excise duty on fuel to shield refiners from losses. The Centre reduced excise duty by ten rupees per litre on petrol and diesel amid rising global oil prices triggered by the Iran conflict. Pump prices remain unchanged for consumers. To prevent private refiners from exporting supplies, the government imposed export duties of 21.5 rupees per litre on diesel and 29.5 rupees per litre on aviation turbine fuel. Central taxes on petrol fell to 11.9 rupees per litre and diesel to 7.8 rupees per litre. The duty cut will cost the government 1.82 lakh crore annually while export taxes will generate 39,100 crore. Oil marketing companies face estimated losses of 24 rupees per litre for petrol and 30 rupees per litre for diesel. Brent crude averaged 95 dollars per barrel in March, up from 69 dollars in February, while the rupee weakened to 94.8 against the dollar from 91.
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