India cuts fuel taxes as global oil crisis drives prices higher

India has moved to reduce fuel taxes in response to surging global oil prices caused by disruptions linked to the ongoing war between Israel and the United States, according to Al Jazeera.

In parallel, the government has imposed export duties on diesel fuel and aviation kerosene in an effort to safeguard domestic supply levels.

The country, which relies on imports for more than 85% of its oil needs, is particularly vulnerable to price shocks. Russia remains India’s largest oil supplier, but the recent spike in global prices has created significant pressure on the domestic market.

Despite the strain, authorities maintain that fuel supplies within the country remain stable. However, reports indicate that panic buying has triggered long lines at filling stations.

Amid rising public concern over possible shortages, officials have called on citizens “not to fall for misinformation,” seeking to calm fears and prevent further disruption.

By Tamilla Hasanova