More Stories

Informist, Friday, Mar. 27, 2026

 

Please click here to read all liners published on this story

--CBIC head: See revenue loss of INR 70 bln fortnightly on excise duty cut 
--CONTEXT: Govt ministries briefing media on West Asia conflict 
--CBIC head: To earn INR 15 bln fortnightly from export duty on diesel, ATF 
--CBIC head on West Asia war: Living in difficult times 
--CBIC head: Export duty on diesel, ATF to be reviewed fortnightly 
--Govt: Refiners must divert 30% diesel meant for exports to domestic mkts 
--Govt: Refiners must divert 50% petrol meant for exports to domestic mkts 
--Govt: Barmer refinery to start operations soon 
--Govt: No decision, consideration to impose lockdown 
--Govt:Urge public not to pay attention to rumours, fake news on fuel crisis 
--Govt: One national dead in Abu Dhabi Thursday 
--Govt: Continue to engage with global partners on West Asia war 
--Govt: Urge public to not line up at petrol pumps unnecessarily 
--Govt: Have adequate supply of all fuels 
--Govt: Have sufficient crude oil inventory, supply lined up for 2 months 
 

 

NEW DELHI – The government is likely to incur a revenue loss of INR 70 billion fortnightly due to the INR 10-per-litre cut in excise duty on petrol and diesel, Central Board of Indirect Taxes and Customs Chairman Vivek Chaturvedi said Friday. On the other hand, the government is likely to gain revenue of INR 15 billion fortnightly from the levy of export duty on diesel and aviation turbine fuel, Chaturvedi added.

 

The government, in order to help oil-marketing companies absorb the impact of 52% jump in the price of Brent Crude oil to over $100 a barrel in the last one month, has cut excise duty on petrol to INR 3 per litre from INR 13 per litre, and that on diesel to zero from INR 10 per litre. The government has levied an export duty of INR 21.50 per litre on diesel and INR 29.50 per litre on aviation turbine fuel to ensure adequate domestic availability of the fuels.

 

The government will review the export duty on diesel and aviation turbine fuel fortnightly, Chaturvedi said in the government's inter-ministerial briefing on the ongoing West Asia conflict that began on Feb. 28 following the joint attack by the US and Israel on Iran. Fuel prices have risen globally due to supply disruption and blockade of the Strait of Hormuz by Iran, Chaturvedi added. "We are living in difficult times."

 

Ministry of Petroleum and Natural Gas Joint Secretary Sujata Sharma, who was also present at the briefing, said there was sufficient inventory of crude oil and there are supplies lined up for the next two months. Further, to maintain supply, the government has directed domestic refiners to divert 50% of petrol, earlier meant for export, to the domestic market, Sharma said. Similarly, refiners must divert 30% of diesel to the domestic market, she added.

 

The oil ministry official urged people to neither pay attention to rumours and fake news on fuel shortages in India, nor unnecessarily line up at petrol pumps. "There is adequate supply of all fuel: petrol, diesel, liquefied petroleum gas, liquefied natural gas," she added.

 

Sharma said HPCL Rajasthan Refinery Ltd.'s refinery at Barmer in Rajasthan will begin operations soon. The refinery project has a crude processing capacity of 9 million metric tonnes per annum, and it also has a petrochemical processing capacity of 2 million metric tonnes per annum. HPCL Rajasthan Refinery is a joint venture between Hindustan Petroleum Corp. Ltd. and the Rajasthan government.

 

Officials from the Ministry of External Affairs, who were also present at the briefing, said India is in touch with global partners to restore peace in West Asia. External Affairs Minister S. Jaishankar, at the G7 Foreign Ministers' Meeting in France Thursday, highlighted the urgency of United Nations Security Council reforms, streamlining peacekeeping operations, and strengthening humanitarian supply chains. 

 

The government is also making all efforts to bring back Indian nationals stuck in the war zone, External Affairs Ministry Additional Secretary Randhir Jaiswal said. However, there has been a report of an Indian national losing life in Abu Dhabi Thursday.

 

Each of the government officials at the briefing unanimously reiterated that there has been no decision or consideration to impose lockdown in India. They asked the people to not believe in such rumours.  End

 

US$1 = INR 94.81

 

Reported by Krity Ambey

Edited by Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.