AgenciesGovernment slashes excise duty on petrol and diesel to shield consumers and OMCs from global oil shockRetail prices of petrol and diesel will remain unchanged despite the Centre cutting excise duty by Rs 10 per litre, with the government clarifying that the relief is being used to cushion losses of state-run oil marketing companies (OMCs) rather than being passed on to consumers.In a statement issued on Friday, the government said the excise reduction will “directly reduce the under-reco...