The alarming rate in which fuel prices are being increased has been an area of concern for the government as well. As reported by TOI, the Indian Govt. is looking at reducing the excise duty on motor fuels and is also working on measures to curb the harsh impact from the rising crude oil prices. It is being said that Dharmendra Pradhan, Minister of Petroleum & Natural Gas might be making a statement to address this issue today.
The rise in fuel prices are a result of “the unilateral decision of OPEC to reduce production, political instability in Venezuela and the prospect of US sanctions against Iran” stated Dharmendra Pradhan.
Although the government has checked prices in response to elections occasionally, it had stopped controlling petrol prices in June 2010 and diesel rates were deregulated in October 2014. Prices have more or less mirrored international rates since then.
Ali Daruwala, spokeperson, All India Petrol dealers association informed OVERDRIVE, “There has been consistent hike in petrol and diesel prices in the past four days. On Sunday, it has reached to the highest level. Residents of Pune and Mumbai will have to pay more money on fuels than rest of the country. At this moment, we can’t offer an immediate comment as how it has reached to this level. But, fluctuation of prices at international markets could be a reason behind this scenario.”