April 27, 2012. The oil ministry has asked for a tax cut of ' 6 per litre on petrol to help avoid a sharp rise in retail price of the fuel, but the finance ministry, which has already surrendered ' 49,000 crore by reducing various levies of fuels last year, is reluctant to forgo more revenue. The oil ministry's request follows demands by oil marketing companies to either cut taxes or allow them raise petrol prices by ' 8 per litre. The finance ministry is reluctant to cut duties that would reduce its revenues and jeopardize its fiscal consolidation plans. The finance ministry had already sacrificed ' 49,000 crore revenue through duties cuts on petroleum products in 2011-12.