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of <h1>Excise Duty on Petroleum Crude Reduced from Rs. 2300 to Rs. 1700 per Tonne; Impacts Revenue and Energy Policy.</h1> The Central Excise Notifications No. 18/2022 and No. 03/2024 have adjusted the excise duty on petroleum crude, reducing it from Rs. 2300 to Rs. 1700 per tonne. This change impacts government revenue, potentially affecting public projects and welfare schemes. Oil companies may see increased profit margins or reduced consumer prices, though this might reduce incentives for alternative energy exploration. Consumers might not see immediate price reductions due to various factors, but potential fuel cost decreases could alleviate inflation. Environmentally, lower taxes might encourage higher petroleum consumption, conflicting with global sustainability efforts. The long-term effects on fiscal management and energy security remain to be seen.
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