Government Slashes Excise Duty on Petrol and Diesel to Shield Consumers and OMCs from Global Oil Shock

• Fiscal-cum-energy security measure: Union Government cut Central excise duty by ₹10/litre on both petrol and diesel effective 27 March 2026 to absorb a global crude oil shock, without passing the cut to pump prices.
• Significance for UPSC: classic intersection of fiscal policy, administered/decontrolled pricing, OMC under-recoveries, and energy geopolitics (West Asia conflict) — relevant to GS-II (governance), GS-III (economy, energy security).