Fuel challenge remains, govt explores long-term solutions
PM reviews ways to reduce import, up use of biofuels
New Delhi: With no let-up in retail fuel prices despite the Centre’s intervention, Prime Minister Narendra Modi has called for alternative measures to curb rates in future, sources told DNA. Soaring oil prices have become a huge challenge for the Centre as oil marketing companies can’t afford to repeatedly subsidise petrol and diesel.
A week after slashing excise duty on fuel, PM Modi on Friday met Finance Minister Arun Jaitley, Commerce Minister Suresh Prabhu and Oil Minister Dharmendra Pradhan and discussed ways to shift the country’s energy dependence towards biofuels.
The PM reviewed the status of production of oil and gas in the country. The government wants domestic production of oil and gas to be increased as it feels curtailing oil consumption is not a resolution.
A litre of petrol cost Rs 82.48 in Delhi, while the rate was Rs 87.94 in Mumbai.
The high-level meeting also talked about cutting oil import by 10 per cent by 2022, said sources. Turn to P4