While refuting false rumours of a lockdown Union Minister Hardeep Singh Puri noted that India was closely monitoring developments across energy, supply chains, and essential commodities on a real-time basis.

"The global situation remains in flux, and we are closely monitoring developments across energy, supply chains, and essential commodities on a real-time basis," he said.

This comes at a time when "international crude prices have gone through the roof in the last 1 month from around 70 dollars/barrel to around 122 dollars/barrel."

In such a bleak scenario, the Union Minister for MoPNG noted that the Modi Government had two choices- "either increase prices drastically for citizens of Bharat" or "bear the brunt on its finances so that Indian citizen is insulated from international volatility."

"In keeping with his Government’s commitment of last 4 years since the conflict in Russia-Ukraine started, decided to take a hit on its own finances again to safeguard the Indian citizen," he said.

Weighing in on the West Asia conflict led turbulence in global energy markets, Union Commerce Minister Piyush Goyal said that by slashing excise duty on petrol and diesel by Rs 10 per litre centre has provided direct price relief.

"The Centre has ensured direct price relief by reducing excise duty on petrol and diesel by ₹10 per litre respectively. By prioritising domestic supply through strategic export duties on diesel and Aviation Turbine Fuel, the Government is ensuring that India’s growth engine remains unhindered," he said.

Further, he noted that "No matter the global challenge, the interests of our common citizens always come first!".

The excise duty reduction comes after Nayara Energy, the biggest private retail fuel merchant in India with over 6,000 stations, implemented a price hike, increasing petrol price by Rs 5 and diesel by Rs 3 per litre.

From Mumbai To Delhi: City-Wise Petrol & Diesel Prices Today

On March 27, the prices of petrol in Delhi costs Rs 94.77 per litre, and Rs 87.67 per litre for diesel. In Mumbai, the price for petrol stood at Rs 103.54, and Rs 90.03 for diesel. Meanwhile, the prices of petrol in Kolkata in stood at Rs 105.45, and Rs 92.02 for diesel per litre. In Ahmedabad, it stood at Rs 94.29 per litre for petrol, and Rs 89.95 for diesel.