The government on Friday slashed special additional excise duties for petrol and diesel by Rs 10 per litre each, bringing the centre-imposed taxes down to Rs 3 per litre of petrol and making it zero for diesel.
However, industry sources say the reduction is unlikely to translate into lower prices at fuel stations for most consumers as the cut will larely be absorbed by oil marketing companies (OMCs) to offset heavy losses on pump sales.
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