India has slashed fuel taxes to protect consumers after global crude oil prices surged above $100 per barrel amid the Iran conflict and Strait of Hormuz tensions. The government reduced excise duty by Rs 10 per litre on both petrol and diesel following an emergency late-night meeting chaired by Prime Minister Narendra Modi.

Prime Minister Narendra Modi addressed the Rajya Sabha and warned that the West Asia conflict has triggered a serious global energy crisis impacting India’s oil, gas and trade routes. He said ships are stranded in the Strait of Hormuz, with Indian crew among those affected, while one crore Indians living in Gulf nations remain a major concern. Modi said India is in contact with Iran, Israel and the United States pushing for de-escalation and reopening key shipping lanes. The government is also sourcing crude oil and gas from alternative markets to avoid supply disruptions.