Hardeep Puri praises PM Modi over excise duty cut on petrol-diesel; Calls it a bold and visionary decision

Petroleum Minister Hardeep Singh Puri praised Prime Minister Narendra Modi after the government cut excise duty on petrol and diesel by ₹10 per litre each.

Post Published By: Sona Saini

Updated : 27 March 2026, 10:22 AM IST

Petroleum Minister Hardeep Puri Applauds Government’s Decision

New Delhi: Amid the West Asian crisis, the central government has significantly reduced the excise duty on petrol and diesel by ₹10 per liter. This decision reduces the tax on petrol to ₹3 per liter and on diesel to zero. This move is aimed at providing relief to the general public amid rising global prices and the Strait of Hormuz crisis.

Hardeep Singh Puri calls it a "bold and visionary" decision

Petroleum Minister Hardeep Singh Puri praised the decision, calling it a "timely, bold, and visionary decision." He said the government has significantly reduced its tax revenue to reduce the huge losses of oil companies and provide relief to consumers.

Thank you message shared on X

Hardeep Singh Puri expressed his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman in a post on the social media platform X.

He wrote, “The government has taken a huge hit on its taxation revenues to ensure very high losses of oil companies (approximately 24 Rs/liter for petrol and 30 Rs/liter for diesel) at a time of sky-high international prices are reduced. At the same time, export tax has been levied as international prices of petrol and diesel have skyrocketed, and any refinery exporting to foreign nations will have to pay export tax. My gratitude to PM Narendra Modi and Union Minister Nirmala Sitharaman for this very timely, bold, and visionary decision.”

International crude prices have gone through the roof in the last 1 month from around 70 dollars/barrel to around 122 dollars/barrel. Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30%-50% in South East Asian…

— Hardeep Singh Puri (@HardeepSPuri) March 27, 2026

Relief to consumers, increased burden on the government

The government has taken this step at a time when international crude oil prices have risen from $70 per barrel to $122 per barrel. Petrol and diesel prices have risen sharply worldwide, but India has decided to bear the burden of these prices instead of passing them directly to the public.

Striving for balance amid the global crisis

On one hand, the government has provided relief by reducing excise duties, while on the other hand, it has adopted a strategy to secure domestic supply by imposing taxes on exports. Experts believe this move is important in maintaining balance amid the current global instability.