Centre looking for immediate solution to soaring fuel prices : Oil Minister

Govt considers windfall tax on oil producers; ONGC drops 5%

In the national capital, petrol prices rose Rs 3.20 per litre during the period and was sold at Rs 77.83 per litre on Friday.

In Mumbai, along with Delhi and Chennai, prices of the fuel have already touched all-time high levels and are making a record every single day. In Kolkata petrol price was at Rs 80.91, while in Chennai it was Rs 81.26.

During that time more than 8ppl has been added to the average price at their pumps, analysis of RAC Fuel Watch data reveals.

Interestingly, the hike came in the wake of marginal drop in price of crude oil in the global market.

Two main factors are responsible for the fuel price hike: the rise in oil prices to over $80 a barrel, and the unfavourable pound/dollar exchange rate. The price of Brent crude oil, the global benchmark, is now at over $79 per barrel.

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The Union Government has been drawing flak from all quarters for high fuel prices. The price on Monday slipped to $75.13, which analysts have linked to the decision taken by Russia, Saudi Arabia and United States of America to increase their fuel outputs.

Prices of petroleum products have hit an all time high in Indian history.

Odisha Pradesh Congress Committee president Niranjan Patnaik also demanded that the centre should reduce the tax on the petroleum products.

The rises are blamed on an increase in oil prices to above $80 (£60) a barrel, combined with a poor exchange rate for the pound.

The tax, which may come in form of a cess, will kick in the moment oil prices cross Dollars 70 per barrel, sources privy to the development said. Addressing the furore over fuel price hike, Shah had said that the government officials were taking the issue of fuel price hike seriously. In October a year ago, the Centre cut excise duty by Rs 2. But still the Modi government faltered in its resolve to abolish the old administered price mechanism and the bane of oil companies before its advent when it put on hold the hike following the rise in crude prices globally a few months ago. Prices have peaked across the country, fuelling speculations the ruling Bharatiya Janata Party (BJP) government may be mulling an excise duty cut for auto fuels.

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