India Cuts Fuel Taxes and Curbs Exports as Oil Crisis Deepens

India on Friday moved to protect its fuel supply and consumers by reducing domestic taxes on gasoline and diesel and imposing a levy on fuel exports. In view of the West Asia crisis, the central excise duty on petrol and diesel for domestic consumption has been reduced by 10 rupees ($0.11) per liter each, Finance Minister Nirmala Sitharaman said in a post on X today. “This will provide protection to consumers from rise in prices,” the minister added. In addition, India also imposes duties on exports of diesel and jet fuel, at…