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Relief in fuel prices to cost the central government Rs 10,500 crore

Due to a reduction in central excise duty levied on petrol and diesel by Rs 1.50, the central government will bear a revenue loss of around Rs 10,500 crore. Finance Minister Arun Jaitley said that the government has given this minimum relief without impacting the fiscal deficit. The revenue loss for the entire fiscal stands at Rs 21,000 crore but the impact is only applicable for half the fiscal at 0.05% of the deficit.