US floods lowered the oil production by 13% which will make Petrol & Diesel bit cheaper for certain time period.
Petroleum Minister Dharmendra Pradhan hinted that this Diwali customer will see the low prices of Petrol & Diesel due to bearish US market after Hurricane Harvey & Hurrican Irma hit hard to Texas and other regions. Although, centre is facing some criticism from opposition party for its daily rate revision policy, introduced by government recently.
“Fuel prices may come down by Diwali festival,” said Dharmendra Pradhan briefly.
Apart from Petroleum Ministry, Dharmendra Pradhan also looks after to Ministry of Skill Development and Entrepreneurship for an additional charge. He also stated that prices of oil refineries went up because of lower oil production by US due floods.
When it came to margin of oil company discussion, he clearly stated that it solely run by government and hence it is not the matter of discussion.
“And everything is crystal clear,” he said, ruling out “higher margins” for the companies.
Pradhan also hinted for GST in oil prices by extending the various benefits for customers.