India to take a ''long-term" view on fuel pricing: Ravi Shankar Prasad

India wants to take a long-term view on pump prices of petrol and diesel to shield consumers from the volatility in global markets, the country`s law minister said on Wednesday, indicating the government could change its fuel pricing mechanism.  

India to take a ''long-term" view on fuel pricing: Ravi Shankar Prasad
The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view: Ravi Shankar Prasad
By Reuters
Updated: Wed, May 23, 2018
04:01 pm
Reuters
RELATED NEWS
Social media companies need to ensure platforms not misused to weaken country's morale: Prasad Social media companies need to ensure platforms not misused to weaken country's morale: Prasad
New social media norms: Ravi Shankar Prasad assures widest possible talks New social media norms: Ravi Shankar Prasad assures widest possible talks
Electronics policy targets $400 billion manufacturing revenue by 2025 Electronics policy targets $400 billion manufacturing revenue by 2025

India wants to take a long-term view on pump prices of petrol and diesel to shield consumers from the volatility in global markets, the country`s law minister said on Wednesday, indicating the government could change its fuel pricing mechanism.

Prices of diesel and petrol in India have surged to a record high. A liter of petrol costs 77.17 rupees ($1.13) while diesel is sold at 68.34 rupees/liter.

"The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs," Ravi Shankar Prasad told a news conference.

Watch this Zee Business video here:

Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world`s biggest economies.