Alternatives being explored to check fuel prices: Oil minister

BHUBANESWAR: On a day petrol and diesel prices hit an all-time-high in the country, petroleum minister Dharmendra Pradhan said here on Sunday the government would take measures to control prices, raising hopes of a duty cut. In Bhubaneswar a litre of petrol sold at Rs 75.02 on Sunday. Diesel cost Rs 72.38 per litre.
"The Centre is sensitive towards the rising prices of fuel.Various alternatives are being explored. I hope something will work out soon," the minister said in response to questions from the media here.
Expressing concern over soaring oil prices, Dharmendra blamed 'the unilateral decision of Organization of the Petroleum Exporting Countries (OPEC) to reduce production, political instability in Venezuela, and the American sanctions against Iran' for the steady rise in fuel prices. "Crude production has reduced by 2.5 million barrel in the OPEC over the past few months," the minister said.
Market insiders said since the government had no control over crude prices on the international market, and India was mainly dependent on imports, the only way to control prices was by reducing duty. The Centre charges excise duty of Rs 19.48 per litre of petrol and Rs 15.33 per litre of diesel. Besides, state governments levy value added tax. In Odisha, it is 26 oer cent of the price, which amounts to around Rs 15 per litre of petrol and around Rs 10 per litre of diesel. The dealers take a commission of Rs 3.60 per litre of petrol and Rs 2.52 per litre of diesel.
The state government has criticized the Centre over increasing fuel prices. "The high oil prices have severely affected the common man. The Centre must spell out steps to stabilize prices in the long run. The daily price rise will jeopardize the common man," said finance minister Shashi Bhusan Behera.