Dharmendra Pradhan reacts to rising fuel prices, assures 'Centre will control inflation'

In the wake of a dramatic increase in the price of petrol and diesel across the country, Union Minister Dharmendra Pradhan, who formerly served as Minister of Petroleum and Natural Gas, said the government is concerned about inflation and that it will be controlled in a timely manner.

As per Pradhan, India imports 80% of petroleum products, which has resulted in price increases. He also stated that the petroleum ministry will speak with members of OPEC (Organization of Petroleum Exporting Countries) and that the situation will improve following the meetings. He also reaffirmed Prime Minister Narendra Modi's objective of transforming India into "Atmanirbhar Bharat."

"Inflation is pricking people. Everybody is concerned including the government. The Centre will control this inflation in time," said Dharmendra Pradhan while speaking to reporters in Uttar Pradesh's Kanpur on Saturday.

Dharmendra Pradhan says govt is concerned and will control fuel price inflation in time 

"To fulfil our needs, India imports 80 per cent of petroleum products. In the last 2 years, the investment was supposed to take place in the petroleum sector for its production across the world but that did not happen. If new oil wells don't come up, the existing ones will get depleted. Due to this, the prices have increased. I believe that the petroleum ministry will speak to countries producing them at OPEC. The situation should improve," said the minister.

Fuel prices rise for 5th consecutive day on October 31

Meanwhile, diesel and petrol prices have risen again. The price of petrol in Delhi has been raised by 35 paise per litre, taking it to Rs 109.34 per litre. A litre of diesel costs Rs 98.07 in the national capital. Petrol reached a new high of Rs 115.15 a litre in Mumbai, while diesel reached a new high of Rs 106.23. In Kolkata, a litre of petrol costs Rs 109.79, while a litre of diesel costs Rs 101.19. A litre of petrol costs Rs 106.04 in Chennai and a litre of diesel costs Rs 102.25. Petrol costs Rs 118.07 per litre in Bhopal, which is 36 paise higher, while diesel costs Rs 107.50 per litre, which is 37 paise higher.

On Monday and Tuesday, the fuel prices remained steady then climbed by 35 paise per litre for five days in a row. The amount of local taxes placed on fuel costs varies from state to state. Petrol and diesel rates are adjusted by oil marketing companies such as Bharat Petroleum, Indian Oil, and Hindustan Petroleum. The new rate takes effect every day at 6 a.m. Fuel prices vary by state and locality due to changes in value-added taxes, local and freight expenses, and other variables.

(With inputs from ANI)

(IMAGE: PTI / Representative Image)