"This will happen for first time, we will achieve fiscal deficit (target) without fiscal cuts," he said in Rajya Sabha, during Zero Hour on the Opposition criticism over government's decision to hike excise duty on diesel and petrol as global crude prices fell to a record low.

The government was following 'proper fiscal planning' and India should take advantage of falling oil prices, he said.

Jaitley further said the drop in oil prices is passed on to consumers as petrol prices have been reduced 20 times and that of diesel 16 times.

A part of excise duty on diesel and petrol went towards building national highways and rural roads, the minister said, adding those who drove vehicles "must pay for it".

He further said the revenue from excise collection also shared with states. Besides, oil companies too make up for their past losses.

As the House met for the day, Congress and other opposition parties came down heavily on an item in the supplementary agenda regarding hike in excise duty.

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