India cuts special additional excise duties on petrol, diesel
NEW DELHI, March 27 (Reuters) – India slashed its special excise duties on petrol and diesel, as fuel prices stay volatile with supplies choked by the Iran war. In a government order on Thursday, India’s finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees earlier. It also cut the duty on diesel to zero from 10 rupees. The U.S.-Israeli war with Iran has led to a near-closure of the Strait of Hormuz, which serves as a conduit for 40% of crude oil imports, hurting shipping and gas supplies. The ministry did