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India Cuts Special Additional Excise Duty on Petrol and Diesel

The tax on petrol was reduced to Rs 3 per litre from Rs 13, while diesel duty was cut to zero; the source says retail prices may not fall immediately as oil marketing companies could absorb the change.

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Terms & Concepts
  • Excise duty: A government tax imposed on specific goods such as fuel, often affecting wholesale or retail pricing.
  • Oil marketing companies: Fuel distributors and retailers that manage supply, pricing, and sales of petroleum products in domestic markets.