- Production of oil dropped by 13% in US due to floods, Pradhan said
- Oil prices surged after the daily rate revision mechanism was introduced
- The minister has asked for petroleum products to be taxed under GST
"Fuel prices may come down by Diwali festival," said the minister who was on a brief visit here.
Pradhan, who has been elevated as Cabinet minister this month and given additional charge of the Ministry of Skill Development and Entrepreneurship, said prices of refinery oil went up because production of oil dropped by 13 per cent in the US due to floods.
On being asked about margin of the oil companies, he said they are being run by the government. "And everything is crystal clear," he said, ruling out "higher margins" for the companies.
When asked about bringing oil under the Goods and Services Tax (GST), Pradhan said that he hoped that it might be brought under the GST. "It will extend enormous benefit to customers."
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)