Oil Minister Dharmendra Pradhan today said the daily revision in petrol and diesel prices will continue despite petrol price spiking by Rs 6.6 per litre in two months.
Pradhan, who was yesterday elevated as Cabinet minister and given additional charge of Ministry of Skill Development and Entrepreneurship, said the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.
He previously was Minister of State (with Independent Charge) for Ministry of Petroleum and Natural Gas. He is now the Cabinet Minister for Petroleum and Natural Gas.
“It is in the interest of consumers. I don’t think that there is a need for change in it,” he told reporters after taking charge as Minister for Skill Development.
State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have been on the rise since July 3. Read More…
Credit By: India
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