New Delhi: Union Oil Minister Dharmendra Pradhan on Friday said India will gradually end government control on gas pricing and will instead gradually make gas prices linked to market forces.
He also said that the country's current fuel demand is at 85% of June 2019 levels and that by end of second quarter of FY21, fuel demand will be as usual.
He said country's fuel demand, except jet fuel, will recover to pre-coronavirus level by September-October.
Petrol price in the national capital on Friday crossed ₹80 per litre mark, for the first time in more than two years, as oil companies continue to raise petrol and diesel prices in line with costs.
Oil companies hiked petrol price by 21 paise per litre and diesel by 17 paise a litre, according to a price notification of state oil marketing companies.
Petrol price in Delhi was hiked to ₹80.13 per litre from ₹79.92 while diesel rates were increased to ₹80.19 a litre from ₹80.02.
While diesel price has been hiked for the 20th straight day, petrol price has been raised on 19 occasions in less than three weeks.
The cumulative increase since the oil companies started the cycle on June 7 now totals to ₹8.87 for petrol and ₹10.8 in diesel.
Pradhan said India's refining capacity is set to rise to 439 mtpa by 2030 and 533 mtpa by 2040.
He said the country will go ahead with privatisation of BPCL, a process that has been hobbled owing to the pandemic.