Petrol, Diesel Prices Hit Fresh Record High, Government Looks At ONGC To Share Burden

As petrol and diesel prices continue to breach record highs in quick succession, to touch a new peak on Thursday, the government is reportedly looking at ONGC to share the burden. Notably, petrol prices on Thursday, were hiked by 26 paise to Rs 85.29 per litre in Mumbai, while in Delhi, petrol was retailing at at Rs 77.47 per litre on Thursday. Notably, this is the 11th straight hike in a row. Meanwhile, diesel prices were hiked by 16 paise to Rs 72.96 per litre in Mumbai.
According to a report in the Indian Express, the government is looking to ONGC to share the burden.“The Ministry plans to direct ONGC to sell its crude oil at below ruling international prices by capping the price at, say, $70 for the entire fiscal year. Oil India Ltd (the other national oil producer) will not be a part of this scheme,” a government official told the newspaper. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774