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Petrol and diesel prices continue to rise and touched another level on Monday as petrol prices were hiked by 15 paise per litre in Delhi, Kolkata, Mumbai and Chennai, and diesel prices were raised by 11-12 paise per litre.
Monday is the fifteenth straight day of hikes since the Karnataka elections. Petrol and diesel prices have risen by Rs 3.64 and Rs 3.24 respectively in Delhi since then.
The lesser production of oil in the OPEC (Organization of the Petroleum Exporting Countries) and global crude oil prices, coupled with the weakness of rupee in the international market are some of the reasons attributed for the hike in domestic fuel prices.
The International crude oil prices dropped by 2.6 percent to $74.49 per barrel on Monday, their lowest level in about three weeks. Currently, oil marketing companies Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation revise petrol and diesel prices on a daily basis. The revised prices are applied at the fuel stations with effect from 6 am every day.
On Friday, Road Transport and Highways Minister Nitin Gadkari recommended to bring fuel prices under the GST to curb the price hike, however, the ultimate decision remains with the petroleum ministry.
"Petrol and diesel should have been brought under the Goods and Services Tax. I asked officials during a presentation if we bring fuel prices under GST will it benefit the states or not. "They said 'yes', they will benefit," said Mr Gadkari.
Petroleum Minister Dharmendra Pradhan had earlier said that the government will intervene to reduce prices.