Fiscal concerns check slashing of excise duty on petrol, diesel

Over half of total excise duty collection comes from petrol and diesel

The finance ministry has ruled out excise duty cuts in petrol and diesel, given the Centre's need for money, despite rising retail prices of fuels.

“We are not even thinking about it. The finances do not allow us to cut the rates,” a senior ministry official said. 

The government also took refuge in the fact that global crude prices have stabilised.

“(Global) prices have stabilised and will soften in the coming days. With daily price revision in place, it will be immediately passed on to the consumers,” Petroleum Minister Dharmendra Pradhan said in a tweet.

Over half of total excise duty collection comes from