Taking a dig at the Opposition parties that have called for a cut in excise duty on fuel, Finance Minister Arun Jaitley on Wednesday asked how much value-added tax States are levying.

“Two years ago, oil prices were reviewed on a fortnightly basis… States like Delhi, Haryana and Himachal Pradesh used to hike the VAT the same evening by the exact amount that prices were reduced,” he told reporters.

Defending the government’s decision to not lower the central excise duty on fuel, Jaitley further said, “As much as 42 per cent of Central taxes go to the States…Let CPI and Congress-led States say they don’t want it.”

The Finance Minister also stressed that the rise in petrol prices is a temporary spike due to the hurricanes in the United States.

“Any government needs revenue to run the country,” he said, adding that funds are needed for infrastructure development and social sector schemes.

He also maintained that inflation is well under control and within the monetary policy target of four per cent.

Commenting on his series of meetings to take stock of the economic situation, Jaitley said that the government may take additional measures to bolster economy.

“An announcement will be made after consulting the Prime Minister,” he said.