Government rules out excise duty cut as petrol, diesel prices hit fresh high

With imports becoming costlier because of a free-fall in rupee against the US dollar, the government believes the current account deficit will overshoot the target and it cannot "disturb fiscal maths by cutting excise duty on petrol and diesel," the official, who wished not to be identified, said. Petrol and diesel prices Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier.

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