India cuts fuel taxes as Israel-US war spikes oil prices

India has slashed fuel taxes as the ongoing Israel–United States war disrupts global oil markets, driving prices higher.

The government also introduced export duties on diesel and aviation fuel to safeguard domestic supplies. India, which imports over 85% of its crude oil, with Russia as the largest supplier, is feeling the strain amid surging costs, News.Az reports, citing Al Jazeera.

Officials say supplies remain stable, but panic buying has created long queues at petrol stations. Authorities warned the public “not to be misled” by rumors about shortages.

On March 25, oil prices fell slightly and stocks rose after United States presented a peace plan to Iran, and Tehran announced it would allow “non-hostile” vessels to transit the crucial Strait of Hormuz.

News.Az 

By Aysel Mammadzada