India, March 27 -- The government's move to slash excise duty on petrol and diesel will lead to a revenue loss of around Rs.7,000 crore in 15 days, Central Board of Indirect Taxes and Customs chairman Sanjay Kumar Agarwal said on Friday.

The move - to cut excise duty on petrol and diesel by Rs.10 per litre - reduces losses of oil companies amid the ongoing conflict in the Middle East.

The top tax official said that the excise cut on petrol, diesel has been aimed to reduce the under recoveries of oil marketing companies and to ensure that the fuel prices do not rise for common man.

The government has also imposed an export duty of Rs.21.5 per litre on diesel and Rs.29.5 per litre on aviation turbine fuel (ATF) to meet domestic demands....