Petrol, diesel prices to fall soon? Govt may have found solution; 10 points

Petrol and diesel prices may fall soon as the government is mulling a 'windfall tax' on oil and gas companies for any revenue that they earn from prices crossing $70 a barrel. Subsequently, this tax revenue will be used to pay fuel retailers like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to absorb the hike in fuel prices.

Meanwhile, oil prices continued to rally upwards for the 12th day straight on Friday with petrol and diesel being hiked by 32 and 18 paise, respectively.

According to the Indian Oil Corporation (IOCL), revised petrol prices in metropolitan cities are: Delhi (Rs 77.83 per litre), Mumbai (Rs 85.65 per litre), Kolkata (Rs 80.47 per litre), and Chennai (Rs 80.80 per litre). The revised diesel prices are: Delhi (Rs 68.75 per litre), Mumbai (Rs 73.2 per litre), Chennai (Rs 72.58 per litre), Kolkata (Rs 71.30 per litre).