Mumbai, Mar 27 (PTI) Maharashtra Chief Minister Devendra Fadnavis on Friday said the petrol excise duty cut will shield consumers from the impact of rising crude prices amid the West Asia war, and urged people to avoid panic buying of fuels as it can create an artificial shortage.

"The Middle East conflict led to a rise in oil prices, and there were fears that petrol and diesel prices would also go up in the country. However, those prices did not increase because the government reduced the excise duty by Rs 10 per litre. This enabled our oil companies to absorb the burden without passing it on to customers," Fadnavis told reporters on the sideline of the Pulse 2026 summit organised by Maharashtra's Medical Education and Drugs Department.

In a notification issued on March 26, the Union finance ministry cut excise duty on petrol to Rs 3 a litre, from Rs 13 a litre earlier, while the levy on diesel has been slashed to nil from Rs 10 earlier.

The prime minister has given significant relief to the people by cutting excise duty as in several neighbouring countries, shortages of petrol, diesel and gas have led to shutdowns with offices and institutions closing in many places, Fadnavis said.

The Centre has clarified that there would not be any lockdown, Fadnavis said, adding that those spreading rumours of a nationwide lockdown will face criminal action.

Under PM Modi's leadership, India has managed the crisis effectively, ensuring there is no shortage of petrol or diesel, the chief minister added.

"I think the kind of diplomacy our Prime Minister has practiced is commendable. I would like to urge the citizens not to unnecessarily queue outside the petrol pumps because we have petrol and diesel stock for the next one month. If people resort to panic buying petrol and diesel, then there will be stress on the supply and demand cycle leading to an artificial shortage," the chief minister added.

The government is taking all necessary steps to ensure timely supply of LPG to households, he said.

"There is no need for hoarding and no one should do that. And if the gas agency asks for extra money trying to create artificial shortage, it must be reported immediately. They will be investigated," Fadnavis said. PTI SM VT KRK