Amid the skyrocketing oil prices burning a hole in the common man’s pocket and the US’ threat to sanctions on nations buying oil from Iran, Prime Minister Narendra Modi will on Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario.
Despite the government’s move earlier this month to reduce VAT on fuel prices by Rs 2.5 and several BJP-ruled states announcing a similar rate cut on petrol and diesel prices, there has not been much relief for the common as the petrol reached Rs 82.72 per litre in Delhi and Rs 88.18 in Mumbai on Sunday.
With the opposition cornering the government over spiralling fuel prices, the issue has become a major concern for the Narendra Modi government at the Centre as it comes ahead of the Assembly elections in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram and also the Lok Sabha elections due next year.
PM Modi held a review meeting with Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan at the national capital on Friday.
“The PM’s meeting in the morning was on petroleum issues. The discussion centered around increasing domestic oil production, subsidy borne by oil marketing companies (OMCs) and reducing oil imports to cut down the current account deficit,” a senior official said.
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