Petroleum and Natural Gas Minister, Dharmendra Pradhan said yesterday that the fuel prices that have reached a three-year high will most probably come down by next month.
This announcement comes amid criticism by opposition parties about a sharp rise in oil prices after the government recently introduced the daily revision mechanism.
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 the production of oil dropped by 13 percent in the US due to floods. On being asked about the margin of the oil companies, he said they are being run by the government.
The Minister who was in Amritsar for a brief visit said, “Fuel prices may come down by Diwali festival.”
When asked about the margin of the oil companies, he said that they are being run by the government. Ruling out the possibility of higher margins for the companies he said, “And everything is crystal clear.”
Talking about bringing oil under the Goods and Services Tax (GST), Pradhan said that he hoped that it would be brought under the GST. “It will extend the enormous benefit to customers.”