Petrol, diesel prices at three-year high; Govt likely to intervene

After Wednesday’s revision, petrol price in Mumbai has risen to Rs 79.48 per litre, a level last seen in August 2014 in the country’s financial capital. Similarly, the price of diesel is at a three-year high in the metro cities of Kolkata and Chennai at Rs 61.37 and 61.84 per litre respectively. 

Nationwide daily price revision for both the products was implemented in June this year. And for the last two months, prices have gone upward only. Aware of this, Minister for Petroleum Dharmendra Pradhan held a meeting in the ministry to take stock of the situation and to protect the consumers from the rising fuel bills, possibly bringing back the ghosts of the era of regulation.

On the prices, Pradhan said the government will consider to bring them under GST so that taxation could be brought under a certain level which will have impact on prices.