Despite record high prices, cut in fuel excise duty unlikely this fiscal

NEW DELHI: Consumers are unlikely to get any immediate relief from the exorbitant prices of petrol and diesel. That’s because the Centre may not slash excise duty on fuel this financial year to cushion spiralling prices as it has limited fiscal space available to take any dent in revenue collections, a top official said.

According to sources in the Finance Ministry, the central government has set its receipt target and with the revised fiscal deficit targeted at 9.5 per cent, of the gross domestic product (GDP), the government is in no mood to go for any duty cut.