Union Petroleum Minister Dharmendra Pradhan today said the increase in fuel prices was due to reduced production of oil in Organisation of Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.
Petrol prices today touched a record high of Rs 76.24 per litre and diesel climbed to its highest-ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.
Noting that people, especially the middle-class, have to suffer due to price hike of oil, the minister said the government would try to work out a solution soon to deal with the situation. Read More
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