Govt rules out excise duty cut to cushion petrol prices

NEW DELHI: The Government today ruled out any immediate reduction in excise duty to cushion relentless rise in international oil prices that have sent retail diesel rates in India to record high and petrol to four-year high.
The BJP-led Government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Asked if a second round of excise duty cut was in offing, Finance Secretary Hasmukh Adhia said: “Not as of now. Whenever we review it, we will let you know”. (AGENCIES)