As Fuel Prices Rise, PM Modi Meets Major Oil Company Heads

The increase in transport fuel prices comes amid a continuous surge in global crude oil prices. UK Brent crude has gone upwards of $85 per barrel.

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PM Modi will meet the chief executives of major global and Indian oil and gas companies. (File)


New Delhi: 

Prime Minister Narendra Modi met oil company chiefs today to take stock of the global energy scenario even as fuel prices continued to rise across the four major metros.

On Sunday, petrol was priced at Rs 82.72 per litre in the national capital, up from Rs 82.66 on Saturday, data on the Indian Oil Corporation website showed.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday - to Rs 88.18 in Mumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai.

The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.

The increase in transport fuel prices comes amid a continuous surge in global crude oil prices. UK Brent crude has gone upwards of $85 per barrel.

Earlier this month, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre each. 

Diesel prices also rose across the four metros on Sunday. 

Diesel was selling in Mumbai at Rs 79.02, up from Rs 78.82 on Saturday. Prices in Delhi, Kolkata and Chennai were Rs 75.38, Rs 77.23 and Rs 79.71 per litre, respectively.

PM Modi's meeting with chief executives of major global and Indian oil and gas companies comes ahead of US sanctions on Iran that come into effect from November 4, and as crude oil prices continue to be volatile. 

He is also expected discuss ways to revive investment in India's upstream sector.



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