Petroleum and Natural Gas Minister Dharmendra Pradhan said that fuel prices may come down by Diwali, which falls next month. The comments come amid criticism by opposition parties of a sharp rise in oil prices after the daily rate revision mechanism was introduced by the government recently.
"Fuel prices may come down by Diwali festival," said the minister who was on a brief visit here. Also, read on MSN: Petrol prices may come down from Rs 70 to Rs 38 under GST. Check petrol price here.
Pradhan, who has been elevated as Cabinet minister this month and given additional charge of the Ministry of Skill Development and Entrepreneurship, said prices of refinery oil went up because the production of oil dropped by 13 per cent in the US due to floods.
On being asked about the margin of the oil companies, he said they are being run by the government.
"And everything is crystal clear," he said, ruling out "higher margins" for the companies.
When asked about bringing oil under the Goods and Services Tax (GST), Pradhan said that he hoped that it might be brought under the GST. "It will extend the enormous benefit to customers."