A source told ANI that the Ministry of Petroleum and Natural Gas recently raised concerns about the matter of pricing, supply and demand of oils to the major oil-producing countries. “As crude oil prices rise internationally, the petroleum ministry has called on the energy ministries of many countries such as Saudi Arabia, Kuwait, UAE, Russia and others,” the source told ANI.

However, the logjam continues between the Centre and States over the issue of reducing taxes on oil.

“Talks are on with the finance ministry regarding fuel prices. Reduction in taxation on fuel is a matter of the Ministry of Finance and the respective states,” the source added.

Petrol and diesel prices continued to rise across the country for the fourth consecutive day on Sunday.

Petrol and diesel prices reached an all-time high as fuel rates continued to rise by 35 paise/litre across the country for the fourth consecutive day on Sunday. With the latest hike, the petrol price becomes Rs 105.84/litre while diesel will now cost Rs 94.57/litre in Delhi.

Oil companies started raising auto fuel prices last week.

Meanwhile, Minister of Petroleum and Natural Gas Hardeep Singh Puri on Saturday had said that the consumption of petrol and diesel has increased as compared to the pre-Covid times, and the government is working towards price stability.

Commenting on the continuous price hike of petroleum products, the Minister had said, “Today, the consumption of petrol and diesel is higher by 10% to 15% and 6% to 10% respectively compared to pre-Covid times. I’ll not go into the price issue. We continue to work towards the price stability.”