New Delhi: Fuel consumers across India will not see any immediate impact on petrol and diesel prices, even after the Centre revised excise duties, according to Indian Oil Corporation.
In a statement issued on Friday, IOC clarified that retail prices of petrol, diesel, and domestic LPG cylinders will remain unchanged, despite the government’s decision to alter central excise duties effective May 1. The move comes amid rising global crude oil prices, which have recently surged due to geopolitical tensions.
As per notifications issued by the Ministry of Finance, excise duty on petrol has been set at ₹23 per litre and on diesel at ₹33 per litre. Additionally, the extra excise component on petrol has been brought down to zero.
IOC emphasized that the decision ensures stability for consumers, particularly as nearly 90% of petrol and diesel usage in the country is by the general public. The company also noted that prices of domestic LPG cylinders used by millions of households, aviation turbine fuel (ATF) for domestic carriers, and kerosene supplied under the public distribution system will remain steady.
While the majority of fuel products will see no change, price adjustments have been limited to select segments. Commercial LPG cylinders and bulk fuel supplies, which form a small portion of overall consumption, have witnessed price revisions in line with international market trends. Some petroleum products have also seen marginal reductions.
Overall, IOC stated that around 80% of petroleum products remain unaffected, with only a fraction experiencing increases or decreases. The company described the approach as balanced, aimed at protecting consumers while adapting to global price movements.
The revision comes at a time when Brent crude prices have climbed sharply, touching around $126 per barrel, adding pressure on fuel-importing economies like India. Despite this, authorities have chosen to shield domestic consumers from volatility in international markets.
