Asserting that the government is sensitive to the rising trend in fuel prices, Minister of Petroleum and Natural Gas Dharmendra Pradhan on Monday said that bringing petroleum products under the goods and services tax (GST) regime is one of the long-term solutions as part of the Centre’s holistic strategy to address the problem.
“I have already categorically stated this issue several times. The present oil price hike is due to three main factors — hike in international price of crude, fluctuation in dollar and Indian currency ratio and some of the tax issues are also there. For long-term solutions, government of India is planning for a holistic strategy. Bringing petroleum products within the ambit of GST is one among them. We are sensitive, let’s see how things are unfolding,” Pradhan told reporters.
Petrol and diesel prices continued their upward trend for the 15th consecutive day on Monday, even as global crude oil prices receded from record high levels. According to the fuel prices sourced from Indian Oil Corporation, the retail price of one-litre of petrol was at Rs 78.27 on Monday vs Rs 78.12 in Delhi on Sunday. In Mumbai, the prices rose beyond the Rs 86-mark to Rs 86.08. In Kolkata petrol price was at Rs 80.91, while in Chennai it was Rs 81.26. Meanwhile, the cost of diesel per litre has also been increased and the revised prices in Delhi and Mumbai are Rs 69.17 and Rs 73.64 per litre, respectively.