Amid fuel price rise, PM Narendra Modi chairs meet with CEO's of oil companies; can cut in the petrol, diesel prices be expected?

Amidst the rising fuel prices, the Prime Minister Narendra Modi has chaired a meet with CEO’s of top global and Indian oil companies in New Delhi here today.

The meeting was deliberating some ways to revive investment in oil and gas exploration and production, according to news agency PTI.

As per data on the Indian Oil Corporation website, petrol prices in Delhi today costs Rs 82.72/litre and diesel is Rs 75.46/litre. Whereas, petrol in Mumbai is retailing at Rs 88.18 per litre and diesel is at Rs 79.11/litre.

CEOs and Experts from the Oil and Gas sector, from both India and abroad, met Prime Minister Narendra Modi today. Union Ministers Arun Jaitley and Dharmendra Pradhan; Vice-Chairman NITI Aayog Dr. Rajiv Kumar were also present at the interaction as tweeted by the ANI.

Union Petroleum Minister Dharmendra Pradhan said at the India Energy Forum in New Delhi that “Energy today is a global industry&oil is truly a global commodity.Hence our engagements with global energy community has to be continuous to address the challenges of transition in energy for a secured energy future.”

PM Narendra Modi remarked that ‘the oil market is producer driven; and both the quantity and prices are determined by the oil producing countries. Although there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices.’

The public is expecting a fuel price cut as every item in the market is getting affected due to a high price of diesel. The farmers have been demanding and protesting for a cut in diesel prices from a log time.

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