FOLLOW US: @TheStatesmanLtd @thestatesmanltd thestatesman1875 www.thestatesman.com People’s Parliament, Always in Session India’s National Newspaper since 1818 | Pages 12 | ` 5.00 | KOLKATA LC | NEW DELHI | MUMBAI | BHUBANESWAR | LUCKNOW | SILIGURI Goyal calls for WTO reforms keeping 'development' at core Page 10 Balendra Shah sworn in as Nepal’s 47th Prime Minister NATION ‘India has adequate storage of fertilizers, no need to panic’ Page 5 Page 9 Govt cuts excise duty on petrol, diesel to shield consumers STATESMAN NEWS SERVICE New Delhi, 27 March T he Centre on Friday slashed excise duty by Rs 10 per litre on both petrol and diesel with immediate effect. This decision has been taken in response to the steep and rapid rise in international crude oil prices, which have surged from approximately $70 per barrel to around $122 per barrel over the past month — an increase of nearly 75 per cent in under four weeks, driven by the ongoing conflict in West Asia and associated disruptions to global energy supply chains. Retail pump prices of petrol and diesel will not change. The excise reduction is not being passed on as a price cut at the pump. Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Saturday, 28 March 2026 SPORTS WORLD BUSINESS | Petroleum Corporation - who have continued to supply fuel to Indian consumers at prices well below their cost of supply. At current international crude prices, under-recoveries stand at approximately Rs 26 per litre on petrol and Rs 81.90 per litre on diesel. The combined daily under-recovery being absorbed by OMCs is approximately Rs 2,400 crore. The excise reduction offsets Rs 10 per litre of these losses, ensuring OMCs can continue to supply fuel without disruption while keeping retail prices unchanged. The contrast with global fuel markets is instructive. Fuel prices have risen by 30 to 50 per cent across South and South-East Asian countries, 30 per cent in North America, and 20 per cent in Europe since the onset of the current crisis. India has held the line. That stability carries a fiscal cost, and the government has chosen to bear it. PM Modi stresses ‘Team India’ approach to tackle situation arising from West Asia conflict: New Delhi: Prime Minister Narendra Modi on Friday chaired a crucial meeting via video conference with Chief Ministers of states and Union Territories to coordinate India’s response to the ongoing crisis in West Asia, amid rising concerns over energy security and supply disruptions. The high-level meeting focused on assessing preparedness, response mechanisms, and forward planning, with states presenting contingency strategies and readiness updates. Senior leaders including Home Minister Amit Shah and Defence Minister Rajnath Singh participated in the virtual meeting, alongside several Chief Ministers such as N. Chandrababu Naidu, Yogi Adityanath, Omar Abdullah, Bhagwant Mann, Hemant Soren, Devendra Fadnavis, and Revanth Reddy, among others. Chief Ministers from poll-bound states did not attend due to the enforcement of the Model Code of Conduct. Officials confirmed that a separate meeting for Chief Secretaries of these states would be conducted through the Cabinet Secretariat to ensure coordination remains unaffected. New faces, old fire: Kolkata Knight Riders target return to IPL glory Page 12 CM urges Centre to restrict LPG outflow amid West Asia tensions STATESMAN NEWS SERVICE The gas produced in West Bengal must be retained. They should not be sent to other states. This will help to maintain adequate supply for residents of this state. Kolkata, 27 March West Bengal Chief Minister Mamata Banerjee issued a strong message to the Central government, urging that cooking gas produced within the state should not be sent outside. The Chief Minister’s warning comes amid rising concerns over LPG supply due to the ongoing conflict in West Asia. “The situation in West Asia is alarming and this has led to a shortage of LPG in the country. In this condition the gas produced in West Bengal must be retained. It should not be sent to other states. This will help to maintain adequate supply for residents of this state,” the Chief Minister said at Kolkata airport before departing for Andal. Expressing concern over the presence of huge numbers of government officials and security personnel in the state during the election, the Chief Minister said, “Around 10 lakh people will come from outside WEST BENGAL CHIEF MINISTER MAMATA BANERJEE for election duty. While arranging gas for them, there must be no shortage for the people of Bengal.” Banerjee further added that though kerosene supply has been increased and will be distributed through the ration system, most people now rely on LPG for cooking, making the situation more sensitive. Meanwhile, the Central government, led by Prime Minister Narendra Modi, has sought to reassure citizens amid the West Asia crisis. Officials stated that domestic LPG production has been increased by 40 per cent to maintain uninterrupted supply. India requires around 80,000 metric tonnes of LPG daily, and despite reduced imports due to the conflict, authorities have assured that no immediate shortage is expected. Even as the Centre projects confidence, Banerjee’s remarks underline growing political and public concern over fuel security in the current geopolitical climate.