"This is a once off temporary intervention to provide some relief to motorists and consumers against fuel price hikes", the department said in a statement.
As petrol and diesel prices hit new highs on Monday, former Union Finance Minister P. Chidambaram said the Centre and states must act together to bring petrol and diesel under GST immediately. Jammine added that based on the under recovery in the current petrol price, Econometrix was expecting a fuel price increase of between 25c and 30c a litre.
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In Kolkata, Chennai and Mumbai, the fuel was priced at Rs 82.06, Rs 82.24 and Rs 86.56 per litre, respectively, all a new record, against Rs 81.76, Rs 81.92, Rs 86.25 on Sunday.
He said high fuel prices were mostly influenced by global factors.
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China's growing clout in Africa is also drawing criticism that more African countries are getting caught in a Chinese debt trap. This is the third such summit; the first was in Beijing in 2006 and the second was held in South Africa three years ago.
Monday's figures breached the previous highs recorded on May 28 this year when the petrol prices were at Rs 86.24 in Mumbai and Rs 78.43 in Delhi. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country.
Globally, oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once USA sanctions bite from November, but gains were limited by higher supply from OPEC and the United States. OPEC had said to increase the production of oil by one million barrel per day but it has been two months (July and August) but they have not done this so far. There is a pressure on oil prices due to a decrease in production. Diesel prices on the other hand have risen by Rs 2.42 a litre during this period. "Secondly, global currencies have weakened against the United States dollar", he had said. Oil company officials said price rise over two weeks has been mainly due to fluctuations in the rates of global crude and a further weakening of the rupee vis-a-vis the dollar.
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