Modi Govt's Big Move: Petrol, Diesel Prices to be Reviewed Fortnightly

• Modi government announces fortnightly review of petrol and diesel prices to manage market fluctuations amidst soaring global crude oil prices.
• Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Chaturvedi confirmed the new review frequency.
• Government reduced excise duty on petrol by Rs. 10 (from Rs. 21.90 to Rs. 11.90) to prevent burden on common man, despite an estimated Rs. 1,500 crore revenue loss in two weeks.
• The excise duty cut aims to offset losses of public sector oil companies (IOC, BPCL, HPCL) due to high international crude oil prices, keeping retail prices stable.
• Ministry of Petroleum assures sufficient fuel reserves and increased domestic LPG production, advising against panic over rumors.