Petrol and Diesel Prices Rise Once Again, PM Modi to Hold Review Meeting Today

Petrol and Diesel

Mumbai, Delhi: The prices of petrol and diesel are continuously rising on every day. On Saturday oil has increased once again in Mumbai city and Delhi. Let us tell you that Petrol in Delhi has increased by 35 paise, while the price of diesel has increased by 24 paise. Now the price of petrol in Delhi is Rs 81.63 per liter, while diesel is getting Rs 73.54 per liter.

At the same time, the price of petrol has increased by 34 paise per liter in Mumbai, while diesel price has increased by 25 paise. Now the price of petrol in Mumbai is Rs 89.01 per liter, while diesel is getting Rs 78.07 per liter.

Reasons behind Petrol and Diesel prices rising

The biggest reason behind the continuous rise in oil prices is the rupee’s fall compared to dollar. The biggest reason for this is that oil companies have to pay prices in dollar. Due to which they have to increase the oil prices in order to complete their margins.

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It is believed that prices of petrol & diesel in the country are going to rise further in the upcoming days. However, during the Karnataka elections, the prices of petrol and diesel did not increase at all. Therefore, it is being speculated that the government can rein in the price of oil during the forthcoming assembly elections in four states. Although 4 states – Rajasthan, Madhya Pradesh, Andhra Pradesh and West Bengal have already reduced VAT on petrol and diesel prices.

PM Modi can discuss meeting today

On Friday, Prime Minister Narendra Modi has discussed about the economic situation of India with our country’s finance minister Arjun Jaitley, RBI governor Urjit Pate. After the meeting, Finance Minister Arun Jaitley said that non-essential imports should cut and Exports will encourage. In addition, the restrictions will be removed from ECB, masala bonds in order to control the current account deficit (CAD) .

The Prime Minister will also hold another meeting on Saturday with major policy makers. Through this meeting measure action will take to stop the rupee collapse and to fuel prices. The Finance Minister said that we want to increase the flow of foreign currency. Emphasizing the need to cut the non-essential imports. However, he did not say that there are preparations to ban imports of goods.

The meeting convened at a time when the Indian currency has reached its minimum level of 72 rupees with a 6 per cent drop from one dollar since August. Fuel prices are constantly touching new highs. On the other side, the opposition parties are constantly pressurizing the government for tax deduction to take concrete steps to stop falling rupees and reduce oil prices.
However, the Finance Ministry has clearly refused tax deduction. According to the ministry, revenue of Rs 30 thousand crore by the reduction of two rupees in petrol and diesel.

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