New Delhi: Union Petroleum Minister Dharmendra Pradhan is set to meet the representatives of oil companies today, which may lead to the reduction in fuel price according to sources. The step is taken by the government to bring the rising price of petrol and diesel.
The fuel prices have increased for the straight 9th day in the country. Petrol is now sold at Rs 76.87 a litre in Delhi while at a record high of Rs 84.70 in Mumbai. The Government is constantly under attack of the opposition for failing to provide relief to the common man by cutting excise duty.
Earlier the Petroleum Minister Dharmendra Pradhan said “I accept that citizens of India and especially the middle class, suffer due to the fuel price hike. The government will soon come out with a solution,”
Although the finance ministry said there is little room for cutting excise duties at present, the petroleum ministry said it is trying to get some concessions, which will depend on clearance from PM Modi.
The opposition parties, along with the Congress has accused the government of raking in profits through inflated excise duties at the cost of the common man.
Former finance minsiter P Chidambaram also criticized the government over the rising fuel prices demanded that the government scrap excise duty on petrol and diesel and bring them under its flagship Goods and Services Tax. “How long will they continue to hike prices of petrol and diesel? Why don’t they cut excise duties?” former union minister P Chidambaram said. “Why doesn’t the BJP government bring petroleum products under GST?” read another of his tweets.
“Unless swift action is taken to address the situation, the economic growth will again head towards a speed-breaker. Among the most immediate actions that can be taken by the government is to bring down the excise duty on fuel,” industry body Ficci President Rashesh Shah said yesterday.
Meanwhile, Petroleum minister Dharmendra Pradhan has blamed the price rise on less production in oil-cartel OPEC nations. In December, for the first time in eight years, OPEC nations agreed to cut down output, which triggered rise of crude oil prices in the international market. The US decision to re-impose sanctions on Iran further affected prices.
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