MUMBAI,  (PTI):- Hours after the fourth hike in pump prices for petrol and diesel in 11 days, Union Finance Minister Nirmala Sitharaman on Monday said that the crisis in West Asia is not just a geopolitical issue, but it will lead to higher fuel costs for the common people.

Speaking at the 27th foundation day event of Sidbi here, she said the government is sacrificing Rs 1 lakh crore of revenue by cutting the excise duties on diesel and petrol.

“The West Asia crisis is not only a diplomatic or geopolitical issue. For businesses and common people, it can mean higher fuel cost, delayed cargo, costlier shipping, shortage of inputs, pressure on working capital and uncertainty in export orders,” the finance minister said.