The Indian Ministry of Finance has announced a reduction in export duties on diesel and aviation turbine fuel (ATF) effective May 1. The export duty on diesel has been cut to ₹23 per litre, down from ₹55.5, while the duty on ATF has been lowered to ₹33 per litre, reduced from ₹42. This decision comes in the wake of high volatility in global crude oil prices, which recently surged to a four-year high of $126 per barrel due to geopolitical tensions, particularly the blockade of the Strait of Hormuz. The government had previously doubled the export duties on April 11 to ensure the domestic availability of petroleum products, following the introduction of Special Additional Excise Duty (SAED) and Road and Infrastructure Cess (RIC) on March 27. These measures aimed to disincentivize exports amid the ongoing crises in West Asia. Despite these export duties, there remains no duty on petrol exports. India's refining capacity ranks fourth globally at 258 million tonnes, and the country has seen a record growth in petroleum product consumption, reaching 243 million tonnes in the fiscal year 2026.