New Delhi: The price of petrol and diesel came down on Thursday. The price of petrol was down by about 21 paise and diesel settled at 11 paise. In the national capital, petrol was priced at Rs 82.62 per litre (decrease by Rs 0.21) while the price of diesel was at Rs 75.58 per litre (decrease by Rs 0.11). Meanwhile, petrol and diesel prices in Mumbai are Rs 88.08 per litre (decrease by Rs 0.21) and Rs 79.24 per litre (decrease by Rs 0.11), respectively. Also Read - Here is How to Use Your Hair Oil to Bid Adieu to Stubborn Dandruff
A continuous hike in the fuel prices has been witnessed across the nation from past few months. A slight decline in prices on Thursday was negated by the rise in prices in the following days. Today, the prices saw a slight decline, giving some relief to consumers. Also Read - Petrol, Diesel Prices in Puducherry to be Costly From May 29 | Know Here Why
It is to be noted here that Prime Minister Narendra Modi on Monday met the top executives of global and Indian oil and gas companies and brainstormed on the emerging energy scenario. He had appealed to the oil-producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries. The Prime Minister had also urged global oil suppliers to review payment terms in order to give relief to the weakening rupee.
India, which imports more than 80 per cent of its oil, has been under immense pressure in wake of the spiralling fuel prices and weakening rupee against the US Dollar.
Despite the government’s move earlier this month to reduce VAT on fuel prices by Rs 2.5 and several BJP-ruled states announcing a similar rate cut on petrol and diesel prices, there has not been much relief for the common as the petrol and diesel prices continued to rise. (Check the live Petrol and Diesel Price Here)
With the opposition cornering the government over spiralling fuel prices, the issue has become a major concern for the Narendra Modi government at the Centre as it comes ahead of the Assembly elections in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram and also the Lok Sabha elections due next year.
Modi’s first meeting was on January 5, 2016, where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like the deep sea.
In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).