Fuel price to be slashed soon? PM Modi to meet oil company heads today

Prime Minister Narendra Modi will meet top management of major oil and gas companies in New Delhi on Monday even as petrol and diesel prices continued to rise across the four major cities on Sunday. 

According to reports, Modi will meet chairman and managing director of Reliance Industries Limited Mukesh Ambani, chairman of Vedanta Resources Anil Agarwal and heads of public sector undertaking oil and gas companies. CEO of Total Patrick Pouyanne, MD of Chevron Australia Nigel Hearne, CEO of GE Oil Lorenzo Simonelli, CEO of Engie Isabelle Kocher, CEO of Exxon Mobil Darren Woods and CEO of BP Plc Bob Dudley will also attend the meeting.

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The prices of petrol and diesel continued their upward trend on Sunday. In Delhi, the prices of petrol and diesel were Rs 82.72 per litre (increase by Rs 0.6) and Rs 75.38 (increase by Rs 0.19), respectively. The fuel prices in Mumbai remained the highest in the country with an increase of Rs 0.6 (per litre) in the rates of petrol and Rs 0.20 (per litre) in the rates of diesel.

The skyrocketing fuel prices over the last week has negated the marginal excise cut of Rs 2.50 per litre announced by the government on October 5. Despite no VAT cut, the prices of petrol were at cheapest among the all the metro cities and state capitals.

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Earlier this week, a finance ministry spokesperson had said the central government had asked the state-run oil units to subsidise petrol and diesel prices by Re 1 per litre. The official, however, added that it was a “one-time thing” and the government will not ask them to do it again.

Modi is also expected discuss ways to revive investment in India’s upstream sector.