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Here’s what Petroleum Minister has to say about mounting petrol prices

By Team Pardaphash 
Updated Date

Amid mounting anger in people regarding the mounting petrol prices, Petroleum Minister Dharmendra Pradhan said that the government is considering ways to keep rising transport fuel prices in check. Diesel in the national capital on Monday went to its highest level of Rs 67.82 per litre.

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There has been a big surge in the petrol and diesel prices in the recent few years and this has adversely impacted the pockets of the common man.

The price of petrol per litre in Delhi on Monday under the dynamic pricing regime touched a record high of Rs 76.57, having — already on Sunday — beaten the previous high of Rs 76.06 in the city on September 14, 2013.

“Various alternatives are being looked at,” Pradhan told reporters, adding that he would “work out something soon”, but did not provide further details. Various industry chambers on Monday called for the government to urgently reduce fuel excise duties.

“Unless swift action is taken to address the situation, the economic growth will again head towards a speed-breaker. Amongst the most immediate actions that can be taken by the government is to bring down the excise duty on fuel,” industry body Ficci President Rashesh Shah said in a statement.

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The price of the Indian basket of crude oils, composed of 70 per cent sour grade Oman and Dubai crudes and the rest by sweet grade Brent, has gone upwards of $75 a barrel in May, after rising to an average of $69.30 in April 2018.

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