Hike In Fuel Prices ‘Temporary’, Says Union Petroleum and Natural Gas Minister |

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March 3, 2021

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Hike In Fuel Prices ‘Temporary’, Says Union Petroleum and Natural Gas Minister

2 min read
Hike In Fuel Prices ‘Temporary’, Says Union Petroleum and Natural Gas Minister


iSpeech

Bhubaneswar: The Petrol and diesel costs have reached report highs, creating issues and making holes within the pockets of shoppers throughout the nation. The petrol worth had just lately crossed the Rs 100 per litre mark in Sriganganagar city of Rajasthan. Even in Odisha, the extra-premium petrol has additionally touched the century mark in Malkangiri district.
However, the steep rise within the costs of gas is a brief phenomenon, stated Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Tuesday.
In an interview to ANI, Pradhan stated, “The price hike of petrol and diesel is a temporary phenomenon and we are hopeful that the prices will recede gradually.”

Present pattern of gas worth rise is a brief phenomenon arising attributable to steep reduce in manufacturing of oil by international locations just like the US. The scenario will normalize quickly. We have been making an attempt to incorporate petrol, diesel in GST which is able to assist shoppers: Union Minister Dharmendra Pradhan
— OTV (@otvnews) February 23, 2021
Earlier the Union Minister had attributed the gas worth rise to sharp discount in gas manufacturing by OPEC international locations.
According to Pradhan, attributable to a number of worldwide circumstances throughout the Covid-19 pandemic, there was demand destruction of gas which led to produce reduce. Though the manufacturing international locations had assured to revive the traditional production-supply by January-February, it's but to be achieved, he stated.
India had additionally just lately urged the OPEC (Organisation of the Petroleum Exporting Countries) and OPEC plus international locations to not go for a manufacturing reduce as that's impacting the gas worth within the consumer-driven nation.
According to Pradhan, a number of taxes are being imposed to revive the economic system which was hit by the COVID-19 pandemic final yr.
However, the Central government-led by Prime Minister Narendra Modi has give you a visionary funds during which Rs 35,000 crore has been earmarked for vaccines and focus given on agriculture, railways and different sectors.
“New mandays will be created and people will get jobs in the country. We had earlier urged GST council to include petroleum products which will help the sector to grow and it will also help consumers. We are trying our best in this regard,” Pradhan added.
(Edited By Suryakant Jena)