In the wake of rising protests over the Centre's not passing on the benefits of falling crude oil prices to consumers on the roads, Oil and Petroleum Minister Dharmendra Pradhan today held a high-level meeting with top ministry officials and representatives of oil marketing companies in New Delhi.

After the meeting, Pradhan addressed the media and assured citizens that the ministry, through the daily price revision mechanism, had worked out the best formula to ensure retail prices of petrol and diesel were reflective of the crude oil prices in the international market.

"Fortnightly pricing was pinching consumers. We made it daily so you don't have to wait for 15 days to enjoy the benefits, if the international crude prices fall", he said.

Pradhan said Hurricane Harvey and Irma in recent days had impacted fuel prices because 13 per cent refinery deficits had pushed the prices up.

But he assured that this won't be the case in the days to come. "Due to Harvey and Irma, petrol prices went up by 18 per cent and diesel by 20 per cent. Today, for instance, prices are stable. Estimates suggest that prices will ease out in the coming days", Pradhan said.

In response to the Opposition's questioning the Centre of benefitting only select oil companies, Pradhan hit back, "Should we be formula-driven or go for a knee-jerk reaction", he asked.

CONGRESS CALLS CENTRE 'ECONOMIC TERRORISTS'

The Congress has called the Centre "economic terrorists" for burdening consumers with some of the highest prices in petroleum products in the world.

"Because product (crude) prices drop internationally, that doesn't mean refining costs and transportation costs go down. State taxes sometimes go up too", Pradhan retorted.

He said the Ministry of Petroleum cannot interfere in the day-to-day affairs of oil marketing companies, but can only press for transparency and efficiency. Bringing oil under GST, he added, was the only way to bring in some predictability.

"We aren't hiding anything. The revenue and taxes earned are invested towards welfare schemes like healthcare, roads and railways", Pradhan concluded.

ALSO READ |

Now LED bulbs, tubelights, fans to be sold at petrol pumps; government agencies sign MoU

India Today expose: How the petrol pump mafia cheats you with a chip

Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24

WATCH VIDEO | The big fuel pinch: Petrol, diesel prices skyrocket