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The Union Government made a decision to cut the excise duty on petrol and diesel by Rs. 8 and Rs. 6 as an acknowledgement of April’s multi-year highs in inflation. The latest cut will ease the cost burden on producers and consumers. The Indian basket of crude oil has risen more than 33% in the wake of the Ukraine war in February. This in turn resulted in higher fuel prices and quickening food costs, inflation based on Consumer Price Index accelerated to a 95-month high of 7.8% last month. With the Centre easing some of the inflationary pressure produced from the high excise duty component in fuel prices, the onus is on the States to follow suit.


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