Government to further reduce dependency on imported crude oil, promote domestic production

The government has taken various measures to reduce the dependency on imported crude oil and to promote domestic production of oil and gas, the Parliament was informed on Monday.

- AGENCIES

Various steps have been taken by government and public sector undertakings (PSUs) oil marketing companies (OMCs) to address issues related to fuel pricing, the impact of global crude oil prices, and to mitigate the burden on consumers, Minister of State for Petroleum and Natural Gas, Suresh Gopi, told the Rajya Sabha in a written reply.

The reduction of central excise duty by the Central government by a total of Rs 13 per litre and Rs 16 per litre on petrol and diesel, respectively, in two tranches in November 2021 and May 2022, which was fully passed on to consumers.