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

businesspaper Updated: Jul 04, 2016, 07:30 IST

NEW DELHI: The 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 recently 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 climb to $65 per barrel, from the present $49 levels.

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