Prime Minister Narendra Modi chaired a virtual meeting with Chief Ministers to assess the impact of the West Asia conflict on India’s fuel supply and inflation. The government reduced excise duty on petrol to 3 rupees per litre and eliminated diesel duty to assist oil marketing companies managing high crude costs and a weakening rupee. While retail prices remain steady, the meeting addressed logistics and global oil price volatility. Political representatives debated the utilization of fuel taxes, with the BJP citing 120 lakh crore rupees in infrastructure spending over 12 years. Opposition members questioned the 44 lakh crore rupees collected in fuel taxes and noted India’s increased import dependence, which stands at 88.4 percent for crude oil and 62 percent for LPG. Analysts warned of inflationary risks linked to damaged Gulf infrastructure and currency depreciation. Although the government confirmed adequate oil stocks and dismissed lockdown rumours, concerns regarding LPG shortages and strategic oil reserves persist. Prime Minister Modi urged states to maintain unity to navigate these economic challenges.
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