There are 2 main reasons behind fuel price hike: Dharmendra Pradhan

While petrol and diesel prices in India have been rising, the Union Petroleum Minister Dharmendra Pradhan gave two main reasons behind the fuel price hike. Giving reasons behind fuel price hike, Dharmendra Pradhan said that International market has reduced fuel production and manufacturing countries were producing less fuel to gain more profit. "This was making the consumer countries suffer," he said. Also Read | Fuel Price Hike: Nirmala Sitharaman suggests way to bring down fuel price to reasonable level He further said that "We have continuously been urging the OPEC and OPEC plus countries that it should not happen. We hope there will be a change." He stated COVID-19 as another reason. "We've to do various development work," he said, adding that "For this, Centre and state governments collect tax." Also Read | Gold prices in India slide to lowest in 8 months [Check latest rates] "Spending on development work will generate more jobs. Government has increased its investment and 34 percent more capital spending will be done in this budget," he said. "State governments will also increase spending. This is why we need this tax but there is also the need for balance. I believe Finance Minister can find a way," he concluded. Currently, the petrol and diesel prices in India are at an all-time high. There was no change in fuel prices across the four metro cities on Monday. Click here for latest updates on Education.  -PTC News