New Delhi, March 27 (NationPress) The Union Finance Minister, Nirmala Sitharaman, stated on Friday that the government's decision to reduce excise duty on petrol and diesel by Rs 10 is intended to safeguard citizens from the escalating global crude oil prices. She emphasized that the administration has opted to absorb the costs instead of transferring them to consumers.

During a press briefing, Sitharaman highlighted that this initiative aligns with Prime Minister Narendra Modi’s clear policy commitment to maintaining price stability and ensuring an adequate fuel supply throughout the nation.

“The price reductions have been made to alleviate the financial burden on the public. As oil prices climb globally, two primary objectives were prioritized in the Prime Minister’s strategy: first, to prevent increases in petrol and diesel prices within the country; second, to guarantee sufficient supply to avert any shortages,” she explained.

The Finance Minister underscored that the government is proactively working to uphold stability in domestic fuel markets amid the fluctuations in international crude prices. She noted that the excise duty reduction would provide necessary support to oil marketing firms, allowing them to sustain their supply chains without imposing higher costs on consumers.

"This ensures that refineries can maintain adequate supply, and irrespective of market conditions, the government is willing to shoulder the burden to forestall price hikes for the public," Sitharaman added.

She also mentioned that this decision was reached following consultations at the highest levels during the occasion of Ram Navami. "On Ram Navami, the Prime Minister consulted all relevant officials, made the decision, informed Parliament in the morning, and the announcement was made to the public shortly thereafter," she said.

In a critical response to the opposition's reactions, Sitharaman labeled their comments as politically charged. "This illustrates their pettiness. I find no other explanation for their behavior. It is disgraceful to politicize issues meant to provide relief to the public," she stated.

Reaffirming the government’s approach, the Finance Minister noted that without such supportive measures, consumers would face significantly higher fuel prices. "If oil marketing companies were deprived of this assistance, the public would inevitably pay more for every litre of petrol or diesel. The Indian government is absorbing the impact of rising global oil prices to shield citizens from adverse effects," she said.

The reduction in excise duty is anticipated to offer immediate relief to oil marketing companies and help mitigate inflationary pressures, particularly in light of the ongoing uncertainties in global energy markets.