Petrol up by Rs 3 since Karnataka poll, but govt may have found a solution

HPCL CMD Mukesh Surana has said that there is a need to review taxation on petrol and diesel to provide relief to consumers

Petrol and diesel prices may fall soon as the government is mulling a 'windfall tax' on oil and gas companies for any revenue that they earn from prices crossing $70 a barrel. Subsequently, this tax revenue will be used to pay fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to absorb the hike in fuel prices.

Meanwhile, oil prices continued to rally upwards for the 12th day straight on Friday with petrol and diesel being hiked by 32 and 18 paise, respectively.

Petrol prices in Kolkata, Mumbai and Chennai were Rs 80.47,