India Cuts Fuel Taxes As Prices Hit Record Highs

India has cut the taxes paid by consumers on petrol and diesel after the surging cost of crude oil pushed fuel prices to record highs. <br />The government says the decision aims to ease price rises and further spur the overall economic cycle. <br />Global commodity prices have soared this year as economies around the world recover from the pandemic. India&#039;s excise duty on petrol has been reduced by 5 rupees per litre, and by 10 rupees on diesel. <br />The government statement says the reduction in excise duty on petrol and diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes.