Fuel Prices Frozen Despite Global Spike - Here’s How Govt Managed

In a major relief for consumers, the government has stepped in to stabilise fuel prices amid a sharp surge in global crude oil rates. Oil marketing companies (OMCs) were absorbing losses of nearly ₹2,400 crore per day, prompting intervention. The government announced a ₹10 per litre excise duty cut to offset part of these under-recoveries, ensuring that petrol and diesel prices remain unchanged for now. The move prioritises domestic supply over exports, aiming to prevent shortages and protect consumers from global volatility. While the decision may impact fiscal calculations, it provides immediate relief by avoiding a price hike. Compared to several global markets witnessing steep fuel price increases, India has managed to hold the line-for now.