myneharai.nr1@gmail.com

Petrol and diesel prices remained largely stable across major Indian cities today, despite global crude oil surges due to the US-Iran conflict. The government’s excise duty cuts and strategic measures aim to shield consumers from international price volatility and ensure uninterrupted fuel supply.

Prime Minister Narendra Modi inaugurated Phase I of the Noida International Airport, a significant addition to India’s aviation infrastructure. Developed under a PPP model, this airport aims to enhance regional and international connectivity for the NCR, easing pressure on existing facilities and supporting India’s global aviation ambitions.

Apart from crude oil disruptions, the supply of LPG and LNG have also been hit. India imports a big portion of its LPG and LNG needs and has been looking to step up procurement from alternative sources.

FTC allows individual taxpayers to claim a credit in India for taxes paid in a foreign jurisdiction on the same income, thereby reducing the tax payable in India.

The government has imposed export duties on diesel and turbine fuel to boost domestic availability and energy security, estimating Rs 1,500 crore in revenue. Simultaneously, special excise duties on petrol and diesel were reduced to shield consumers, keeping retail prices stable amid global oil supply concerns.