Fuel Price Hike: Petroleum Minister Dharmendra Pradhan hints petrol, diesel rates may drop further in coming days
New Delhi | Jagran Business Desk: Since the start of January fuel prices were rising in India amid high rates of crude oil in the international market. However, fuel rates have steadied in India since March-end, giving a much-needed breather to the pandemic-hit middle class in the country.
Amid this, Union Petroleum Minister Dharmendra Pradhan on Sunday hinted that fuel rates will drop further in India in coming days as the situation in the international market has vastly improved.
"Petrol, diesel and LPG prices have started reducing now and they'll reduce further in the coming days. We had stated earlier also that we'll transfer benefit from a decrease in crude oil prices in the international market to the end customers," Pradhan said, as reported by news agency ANI.
Pradhan had earlier said that retail fuel prices in India are governed by the rates in international rates as the country is 85 per cent dependent on crude oil imports to meet its need.
He had also said that the Centre will not reduce taxes on petrol and diesel prices as both the central and state governments need funds to meet the public demands and carry out the development works.
"They need some resources... (and) this (taxing petrol and diesel) has been a proven and substantial route by all the governments, whether the state governments or the central government," he had said.
Petrol, diesel prices today:
On Sunday, petrol and diesel prices across the country remained unchanged. In Delhi, petrol was priced at Rs 90.56 per litre while diesel was being sold at Rs 80.87 per litre. In Mumbai, petrol continues to be priced at Rs 96.98 a litre while diesel is at Rs 87.96 a litre.
The oil marketing companies (OMCs) went on price cut for the first time this year on two consecutive days -- March 24 and 25 -- after keeping oil prices steady for past 24 days. It again reduced the price on March 30.
Petrol and diesel prices were last revised upwards on February 27 and ever since then retail prices remained unchanged even though during the period crude jumped to over USD 70 a barrel only to start falling the after to touch close to USD 60 a barrel and is now slightly up at USD 63.5 a barrel.
Posted By: Aalok Sensharma