Fuel Price Hike: Union Minister Blames It On Global Crude Oil Price Surge

Dharmendra Pradhan said it is up to the GST Council to decide whether the fuel should be brought under the Goods and Services Tax, which, many believe, would substantially bring down the prices.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday blamed the recent surge in global crude oil prices for the fuel price hike in India. Noting that petrol and diesel have become costlier in recent times, Mr Pradhan said it is up to the GST Council to decide whether the fuel should be brought under the Goods and Services Tax, which, many believe, would substantially bring down the prices. "The prices of petroleum products have gone up. The main reason is that the price of crude oil has gone over USD 70 (per barrel) in the international market. This negatively impacts consumers here, as India imports 80 per cent of its oil requirement," he said. The minister was responding to a query raised by reporters about the recent fuel price hike.