Govt faces up to ₹1.2 lakh crore revenue hit in FY27 after petrol, diesel excise cuts: Report

Centre is expected to take a ₹1-1.2 lakh crore hit in tax revenue in FY27 due to recent excise duty cuts on petrol and diesel, Moneycontrol reported, citing a senior government official. The estimate assumes no further changes in duty rates, the official added. The excise duty on petrol was lowered from ₹13/litre to ₹3/litre and on diesel to zero.