Cost of Living Live Updates Jan 17: Petrol and diesel prices steady. Check here

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Cost of Living Live Updates Jan 17: Rising inflation rates globally have significantly increased the cost of living, impacting the financial well-being of the average person. However, there is a bit of relief as India's retail inflation experienced a considerable decrease in September, reaching a three-month low.The government has cut the windfall tax on domestically-produced crude oil to ₹1,700 per tonne from ₹2,300 per tonne with effect from Tuesday.The tax is levied in the form of Special Additional Excise Duty (SAED).According to an official notification, SAED on export of diesel, petrol and jet fuel or ATF has been retained at nil.The new rates are effective from January 16.India first imposed windfall profit taxes on July 1, 2022, joining a growing number of nations that tax supernormal profits of energy companies.The central government has imposed a 50 per cent export duty on molasses, amid a possibility of a decline in domestic sugar production in the current season.The proposed export duty shall come into force on January 18, 2024, an official notification from the Ministry of Finance said.Molasses are a by-product of sugar which is utilised for ethanol production to promote a green economy.