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Story summary
- The Indian finance ministry cut petrol excise duty from 13 to 3 rupees per litre and diesel from 10 to zero to cushion consumers amid rising oil prices.
- It also levied export taxes of 21.5 rupees on diesel and 29.5 rupees on jet fuel to secure domestic supply.
- Economists estimate the tax cuts will cost about 1.55 trillion rupees annually, ahead of elections.
