Petrol, diesel price: Global crude oil costs rise; what’s the situation in India?

 Last week, the government announced a big excise duty cut on petrol and diesel prices, in effect cushioning consumers from a hike, while also reducing the blow for oil marketing companies. Last week, the government announced a big excise duty cut on petrol and diesel prices, in effect cushioning consumers from a hike, while also reducing the blow for oil marketing companies.