Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Wednesday said he would not allow petrol and diesel prices to “go out of the common man’s reach”, PTI reported. The government, he added, was working on a holistic solution to price volatility without going back on reforms.
“We will deal with the issue,” he said at a news conference called to highlight his ministry’s achievements in the las four years. “The government will take a holistic view [of the situation] so that petrol prices do not pinch them. Government will do all that is possible.”
The cost of petrol and diesel have dropped since May 30 because of softening international oil prices and the strengthening of the rupee against the United States dollar. Before that the prices had increased for 16 consecutive days, hitting an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel.
The minister denied that the government was considering the partial roll-back of fuel price deregulation, The Economic Times reported. “This question does not arise,” Pradhan said. “This government is a pro-reform government and we cannot go back on what we have reformed.”
The government deregulated petrol pricing in June 2010 and diesel in October 2014. It allowed the revision of prices on daily basis since June 2017 to reflect instant changes in cost. This dynamic pricing mechanism was resumed on May 14 after prices were frozen between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!