Finance Minister Nirmala Sitharaman said the government is taking a hit of ₹1 lakh crore per annum due to the ₹10 cut in excise duty it undertook in March. "We've cut ₹1 lakh crore to reduce the burden of fuel price hike on consumers for 76 days," Sitharaman said. Petrol would've cost ₹10/litre more had we not cut the duty.