Union petroleum and natural gas minister Dharmendra Pradhan on Friday said that ongoing fuel price hike in the country is mainly due to the depreciation of the Indian rupee against the U.S. dollar.
"The fuel price hike mainly is due to the depreciation of rupee against the dollar. Petrol and diesel should come under the purview GST and I accept that people are facing problems. Once petrol and diesel are brought are GST, everyone will be benefited," Pradhan said.
Pradhan also said that the political situation in countries like Iran, Venezuela and Turkey have impacted the production of crude oil.
"The oil-producing countries like Iran, Venezuela, and Turkey had earlier said they would increase productivity but haven't done so despite the promise. This has impacted the production of crude oil," he added.
The petrol and diesel price on Friday were once again hiked by about 50 paise per lire. A litre of petrol in Delhi now costs Rs. 79.99 in New Delhi and 87.39 in Mumbai. On the other hand, diesel is now priced at Rs. 72.07 a litre in New Delhi and 76.51 per litre in Mumbai.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)