The Indian Government plans to reduce excise duty on petrol and diesel to curb inflation. Currently, inflation is at a 15-month high of 7.44%. The last time excise duty was cut was in May 2022, when inflation was at an eight-year high of 7.79% in April 2022. Cutting fuel taxes could help reduce retail inflation and lower logistics costs. However, the move may negatively impact OMCs' financials due to inventory loss.
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