Attributing the recent rise in fuel prices to a hurricane in the US, Union Minister Dharmendra Pradhan on Saturday said the rates will come down in the next few days.
The Narendra Modi government made a politically brave and economically sound decision to raise petroleum prices in the country.
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.
Amid criticism by opposition parties of a sharp rise in oil prices, Petroleum and Natural Gas Minister Dharmendra Pradhan said that fuel prices may come down by Diwali, which is next month.
The one thing that pinches everyone is the price of fuel. Doesn’t matter if they ride a scooter or are chauffered in a luxury car, fuel prices hurt everyone equally. That’s why diesel cars sell more than petrol ones do.
With India’s oil marketing companies recently introducing daily revision in petrol and diesel prices, and with the global crude oil prices simultaneously in a free fall, some might cheer the prospects of a sustained easing of retail fuel prices.
From June 16, 2017, the public-sector oil marketing companies started the system of daily price revision as against the previous system for auto fuel, where any revision would be taken fortnightly.
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Saturday said people won?t suffer due to daily revision of fuel prices.
Government decision to revise retail fuel prices daily is likely to result in improvement marketing margins for oil companies leading to better profitability, says a report.
Come May 1, five cities across India — one in every region including Chandigarh in Northern region, Jamshedpur in Eastern region, Udaipur in West and Vizag in Southern region besides Puducherry will start selling petrol and diesel on a daily dynamic pricing model.