Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday said the hike in the fuel prices is due to the less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market.
However, the Union Minister also assured the citizens that the Indian government will soon take out a solution to tackle the situation.
Talking to media, Pradhan said, "I accept that citizen of India and especially the middle-class family have to suffer a lot due to price hike of oil. It's not in our hand. There is less production of oil in OPEC countries. The Indian government will soon come out with a solution."
He further said that ever since the US pulled out of the Iran nuclear deal, the price of crude oil has been increased in the International market.
"The fight between America and Iran is the most effective thing which leads to price hike of crude oil in the International market," he added.
The prices of petrol and diesel touched an all-time high on Sunday causing inconvenience to the public.
The petrol and diesel prices have been increased by 17 paise a litre and 21 paise per litre respectively in Delhi.
With this, petrol prices hit a 56-month high of Rs 76.24 per litre while diesel prices touched a record high of Rs 67.57 in the national capital.
In April, Pradhan said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)