Facing “crisis situation” created by rising fuel prices, the government is likely to come out with “some steps” this week to deal with record high petrol and diesel rates, a senior official said today.
The government may not rely only on cutting excise duty, which makes up for a fourth of the retail selling price, the official said but did not elaborate.
“Rising fuel price is a crisis situation for government and it has to be handled with combination of steps. Finance ministry is consulting the petroleum ministry on rising crude prices,” he said.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs. Petrol costs Rs 76.87 per litre in Delhi and diesel costs Rs 68.08 a litre. In last nine days, petrol price has risen by Rs 2.24 a litre and diesel by Rs 2.15. Read More