The excise duty cut on petrol and diesel has not come as a festive bonanza for all. Having stocked up on fuel ahead of Diwali expecting higher sales, petroleum dealers are now staring at significant losses because of the sudden duty cut.

       Ajay Bansal, president of the All India Petroleum Dealers Association, told Business Standard that pump owners bought fuel from oil companies at a rate that included central and state levies. “This makes us vulnerable to knee-jerk changes in excise rates. The state government-levied value added tax (VAT) can be claimed and additional payments ...