Petrol and diesel prices in India remained unchanged on March 27, despite the central government's decision to cut special additional excise duties on diesel and petrol. The excise duty cut was announced in an order on Thursday, with the duty on diesel reduced to ₹3 per litre and zero on petrol.
The move comes amid concerns of an oil price surge, with residents flocking to fuel stations across India. In Uttar Pradesh, police were deployed at several outlets to maintain order and prevent untoward incidents.
Petrol prices in major cities remained largely unchanged, with the highest price recorded in Hyderabad at ₹107.46. Diesel prices also remained unchanged, with Hyderabad recording ₹95.70 per litre.
The excise duty cut comes amid a supply disruption due to the ongoing US-Iran war, which has pushed global crude oil prices above $100. Disruptions at major supply routes like the Strait of Hormuz have worsened the situation.
A day earlier, Nayara Energy increased petrol prices by ₹5.30 per litre and diesel by ₹3 per litre, passing on part of the increase in input costs to consumers.
