As the relentless upward march of fuel prices continued for the 10th straight day today, sources said the government has taken a decision to cut oil prices. But there is no clarity yet on how it would be achieved. Sources indicated that the finance ministry and the petroleum ministry differ on whether oil companies should reduce prices and take a hit, or excise be lowered, which will slash revenue. Junior finance minister Shiv Pratap Shukla said Prime Minister Narendra Modi is taking the matter seriously. Today, petrol prices almost touched Rs. 85 in Mumbai, in Chennai it crossed Rs. 80 and in Delhi, Rs. 77.
