International crude oil rates is not the only factor for setting retail fuel prices: Bommai

Team Udayavani, Sep 2, 2021, 2:41 PM IST

Bengaluru: Karnataka Chief Minister Basavaraj Bommai on Thursday said that International crude oil rates is not the only factor for setting retail fuel prices in India.

“The rise may also be due to the increase in other expenditures. Also, there are several other factors at play that determine the daily retail fuel prices set by oil companies. I will soon talk to Union Finance Minister Nirmala Sitharaman regarding the rising fuel rates,” he said.

Speaking to the reporters, Bommai said, ” There are multiple factors including the refining cost and company’s finances etc that play an equally important role in determining the overall retail prices of petrol, diesel and gasoline. Weren’t the fuel prices higher when Congress was in power? We are all aware of the various bonds issued during their rule. It is not right to say that retail fuel prices are high despite a decline in international crude oil rates.”

Talking about Covid-19 cases in the border districts, Bommai said. ” Amid a rise in the Covid-19 cases in the neighbouring state Kerala, a special vaccination campaign has been launched in the villages bordering Kerala. Also, several travellers from Kerala are using fake negative RT PCR reports to gain entry into Karnataka. Strict action will be taken against them.”