Petroleum and Natural Gas Minister Dharmendra Pradhan said on Monday that fuel prices may come down by Diwali, which falls next month.
The comments come amid criticism by opposition parties of a sharp rise in oil prices after the daily rate revision mechanism was introduced by the government recently.
"Fuel prices may come down by Diwali festival," said the minister who was on a brief visit here.
Pradhan, who has been elevated as Cabinet minister this month and given additional charge of the Ministry of Skill Development and Entrepreneurship, said prices of refinery oil went up because production of oil dropped by 13 percent in the US due to floods.
On being asked about margin of the oil companies, he said they are being run by the government.
"And everything is crystal clear," he said, ruling out "higher margins" for the companies.
When asked about bringing oil under the Goods and Services Tax (GST), Pradhan said that he hoped that it might be brought under the GST. "It will extend enormous benefit to customers."
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Updated Date: Sep 19, 2017 09:21:31 IST