The Centre’s excise duty cuts on petrol and diesel by Rs 10 each to cushion the oil marketing companies (OMCs) from making losses may cost the exchequer a staggering Rs 1.7 lakh crore if the duties remain at the current level throughout FY27. It may partly offset the impact from levies announced to tax windfall gains on the export of diesel and aviation turbine fuel (ATF), which may fetch Rs 36,000 crore if it remained unchanged for the full year.