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Solution to combat surging fuel prices soon: Pradhan

Press Trust of India  |  Bhubaneswar 

Union today said the increase in fuel prices was due to reduced production of in Organisation of Exporting Countries (OPEC) and hike in crude price in the international market.

Petrol prices today touched a record high of Rs 76.24 per litre and diesel climbed to its highest-ever level of Rs 67.57 as the PSUs passed on four weeks of relentless rise in international to consumers.

Noting that people, especially the middle-class, have to suffer due to price hike of oil, the said the government would try to work out a solution soon to deal with the situation.

"It's not in our hand. There is less production of oil in countries. The government will soon come out with a solution," he told reporters here.

Pradhan, however, did not spell out the details.

Stressing the need for stable and moderate oil prices, he said the surging fuel prices have negative impact on consumers and the Indian

With global crude prices soaring, the has already pressed kingpin to keep prices stable and moderate, saying that spike in rates would have a negative impact on Indian consumers as well as on the

Pradhan had conveyed India's concerns when Saudi Arabian Minister of Energy, Industry and Mineral Resources called him recently.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, May 20 2018. 22:30 IST