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 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.