Finance Minister Arun Jaitley on Wednesday gave no indication of any cut in excise duty on petrol and diesel to cushion the spike in rates saying the government needs revenue to support public spending.<br/><br/>Mr. Jaitley said, the government has increased public spending on infrastructure and whatever GDP growth is there, it is fueled by public spending and FDI. <br/><br/>He said, if public spending is slashed, it will mean cutting down expenditure on social sector scheme. The Minister was responding to questions from reporters in New Delhi on whether the government will consider cutting excise duty.<br/><br/>However, Mr. Jaitley termed the hike in the prices of petrol and diesel as temporary phenomena and said it will settle down soon. He said, the recent spike is also due to shrinking of refining capacity which has been affected due to Hurricane in US. <br/><br/>The Minister also targeted the opposition parties for questioning the Centre over the issue saying why they are not reducing taxes on petroleum products if they are so serious.