What Caused The Hike In Fuel Prices And How Modi Govt Can Put A Lid On It

What Caused The Hike In Fuel Prices And How Modi Govt Can Put A Lid On It

Petroleum Minister Dharmendra Pradhan is under intense political pressure, writes A K Bhattacharya, adding that Pradhan “is being asked to reduce retail prices of petrol and diesel, which have now risen to levels that prevailed a little more than three years ago, when the monthly average price of the Indian basket of crude oil was almost double of what it is today”.

Pradhan, for his part, said on Monday that fuel prices could come down by Diwali, which is next month. The comments come amid criticism by Opposition parties over the sharp rise in oil prices after the daily rate revision mechanism was introduced by the government recently.

However, notwithstanding his remarks on Monday, Pradhan, who was recently elevated to Cabinet rank and given additional charge of the Ministry of Skill Development and Entrepreneurship, has made it clear that the government would not ask state-run oil marketing companies to absorb the price rise in petrol and diesel and would stick with market-driven pricing.  Read More…

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