Addressing a press conference, Pradhan said, "There was a dip of 13 percent in refinery production due to the Texas hurricane. However, crude oil prices will ease soon."
Pradhan averred that the government wants petrol and diesel to come under Goods and Services Tax (GST) and the step will bring predictability to cost.
"GST is the only way to have a rational price mechanism in petroleum products. The daily price mechanism is transparent and will help consumer in long term," he said.
He further apprised that there is no plan to review the excise on petrol and diesel.
"The government has no business to interfere in pricing by oil companies..petrol, diesel prices are deregulated and market aligned," he added.
The statement comes in the wake of hike in fuel prices.
The petrol and diesel prices have gone through the roof ever since the central government announced daily revision of fuel prices. Petrol price in Delhi on Tuesday was at Rs 70.38 per litre, whereas in Mumbai a litre of petrol costs Rs 79.48.
Earlier in the day, the Congress slammed the Prime Minister Narendra Modi-led government over spike in petrol, diesel prices and urged the Centre to pass on the benefit of 50 per cent reduction in international prices of crude oil to the common person.
The Congress party asked the Centre to stop filling its coffers by looting people of the nation and bring the 'achhe din' which it promised.
"The petrol and diesel prices are skyrocketing. The ordinary person's budget is in peril, while the Modi government continues to recover money and fill its coffers," said Surjewala.
"What is Modi ji doing? Are these the achhe din he promised? It is time that he passes of the benefit of 50 per cent reduction in international prices of crude oil to the common person and government stops looting people to fill up its coffers," he added. (ANI)