Fuel Price Stabilization Fund can control soaring prices of fuel: Mitra

Kolkata: West Bengal Finance Minister Amit Mitra on Wednesday said the central government should have created a fuel price stabilisation fund to counter the soaring prices of petrol and diesel in the country.

When the Modi led BJP is being highly criticized for soaring rates of petrol and diesel, West Bengal also joined in to teach BJP some lessons on 'How to stabilize Fuel prices'.

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Mitra showed his concern over what Indian economy is doing has brought it at "Certain dangerous levels."

He said,"Fuel prices are going up everyday, the rupee is depreciating and this is impacting the current account deficit, which is hitting dangerous levels".

Mitra also added,"When the crude oil prices were low that was the time to create a fuel price stabilization fund, which unfortunately was not seized upon."

"The Centre could have also boosted its fuel reserves with the Indian Strategic Petroleum Reserves Ltd, when crude prices were at USD 33-per-barrel level", he said.

"Could they not have developed it further? Chances are they did not..." he said.

Since mid-August petrol price has risen by Rs 3.79 a litre and diesel by Rs 4.20 per litre.

Mitra's remarks came a day after when West Bengal Chief Minister Mamata Banerjee announced that her government will cut-down the rates of petrol and diesel by one rupee/litre.

Rajasthan and Andhra Pradesh, also have slashed fuel prices.