00:00An excise duty has been cut. That is the big news in India that is going on today that amid
00:07the
00:08raging West Asia war, India has sharply cut the additional excise duty on petrol and diesel,
00:14aiming to ease concerns over rising fuel prices. Excise duty on petrol has been reduced from 13
00:21rupees per liter to 3 rupees per liter, while diesel has seen an even steeper cut with the
00:26duty brought down from 10 rupees per liter to zero. The move comes amid a deepening global energy
00:33crisis linked to the ongoing conflict involving the US, Israel and Iran, along with Tehran's
00:39blockade of the Strait of Hormuz, a critical route that carries nearly a fifth of the world's oil and
00:46gas supply. However, there will be no change in the pump prices of petrol or diesel. That is something
00:52that is a clarification that's come from the government that the reduction in excise duty
00:57is intended to help the oil marketing companies lower their under recoveries. Oil marketing companies
01:03were losing money on the marketing side because the cost of oil is shooting up and rupee is
01:09depreciating. According to Union Minister Jitendra Singh, the decision was taken after an emergency
01:15meeting was called by the Prime Minister on Thursday night. PM Modi gave instructions to
01:20the concerned ministries to ensure that the rise in international crude oil should not hit the common
01:26man in the country. Petroleum Minister Hardeep Singh Puri has also praised the government's move,
01:32saying that while fuel costs have surged 20 to 50 percent worldwide, India has chosen to shield the
01:39citizens instead of passing on the fuel price hike.
01:45No, I think absolutely. My first thought is that once again, Prime Minister Naira Modi, a shorty way.
01:51Just as it happened during the Covid pandemic, when the entire world was in the midst of a crisis and
01:59many of the European countries thought that India would give its magnitude and the quantum of
02:04population would not be able to deal with the pandemic and would end up in an economic crisis.
02:13We were the ones actually who not really looked after ourselves, but also gifted the rest of the
02:18world with a Covid vaccine. So similarly, I think today also, once again, Prime Minister Modi has shown
02:23the way, risen to the occasion. This is a reflection of the kind of commitment, kind of courage of
02:30conviction and also the kind of sensitivity with which he has governed this nation over the last
02:38nearly 12 years. Heartfelt gratitude to Honorable Prime Minister for taking such an important decision
02:45to cut drastically the exercise duty on petrol and diesel. So this is something which is taken
02:54only to ensure that the common people do not suffer. So to ensure that such a huge decision taken by
03:02the
03:02Prime Minister at the top level must be ensured by all cooperation, especially the state government,
03:10to ensure that there is no shortage of LPG, petrol, diesel at the ground level. So we all have to
03:18support.
03:19It's a time of crisis. We have to work as a team. I don't know what benefit the people of
03:25India are going
03:26to get it through these decisions because some reports are coming. The benefit is not coming nearby.
03:33It will take some time. The old decision of the central government is late decisions.
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04:30And look at the language of Hardeep Puri. That we are trying to ensure that people of India do not
04:36face the burden
04:37therefore the government of India will take the hit. What is this government of India? This is government of India
04:42people of India. The money belongs to the people of India. It's not a government of Epstein. The money is
04:48not coming
04:48from Epstein I hope. And even when we were getting fuel, oil at discounted price from Russia, the benefit
04:58was not passed on to the consumer. The benefit went to Ambani, not to you and me.
05:04The Iran war has skyrocketed the global oil prices, consequently affecting the consumers across the globe.
05:13This morning, the Indian government announced that the additional excise duty on petrol and diesel is
05:20being reduced. For petrol, the additional excise duty has been reduced from 13 rupees per litre to 3 rupees
05:27per litre. And for diesel, it has been reduced from 10 rupees per litre to nil, that is zero.
05:33However, the impact on the overall rate of the petrol and diesel will not change because this particular
05:42decision has been taken by the government in order to give relief to the oil companies which were
05:48facing major revenue losses because of the skyrocketing of global oil prices because of the Iran war and the
05:59West Asia conflict. Now, what is happening is that the government of India and Minister Hardi Puri has
06:05maintained as to how Indian government has two choices, either to increase the cost for consumers
06:12as it has happened in many countries, or to decide to take revenue losses. And the Modi government has
06:20decided to take a cut in the taxes itself to receive the revenue losses and give relief to the consumers.
06:27And that is why the rate of petrol and diesel that you see at petrol pumps unchanged is because of
06:33this
06:33major decision taken this morning by the government of India.
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