Government may not cut excise duty on petrol, diesel for now

Government may not cut excise duty on petrol and diesel in the near-term if it accepts the suggestions made in the approach paper submitted by Chief Economic Adviser for maintaining status quo when oil prices can climb by another $15 a barrel.

CEA Arvind Subramanian last month submitted an approach paper to the Finance Ministry on scenarios to deal with a rise in crude oil prices.

Sources said the CEA suggested status quo on excise duties till oil prices clim to $65 per barrel, from the present $49 levels.

Hindustan Times New Delhi,04th July 2016

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