associate sponsors

Llyod
HDFC

Petrol, diesel rate hike: Oil Minister Dharmendra Pradhan says considering steps to keep fuel prices in check

New Delhi: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.

Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Minister of State for Petroleum and Natural Gas Dharmendra Pradhan. PIB

A file photo of Minister of State for Petroleum and Natural Gas Dharmendra Pradhan. PIB.

“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon”. He did not give details.

Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.

India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.

On Monday, industry lobby Federation of Indian Chambers of Commerce and Industry (FICCI) called for an immediate cut in the excise duty on oil imports.

The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.


Updated Date: May 21, 2018 13:50 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}