Global crude oil prices had recently gone up as much as 15 per cent owing to production being hit in the US owing to the impact of multiple hurricanes. But, the government has ruled out cuts in excise duties on petroleum products. Finance Minister Arun Jaitley said on Wednesday that the government needed money for public spending to push growth and for social sector schemes. "States are taking so much tax... earlier under the fortnightly pricing regime, when two years back we lowered fuel prices, states like Delhi, Haryana would immediately raise VAT to earn more money. States under the Left and Congress should take steps to lower cesses," he said.
Petroleum and Natural Gas Minister Dharmendra Pradhan said earlier this week that fuel prices may come down by Diwali, which is next month.