Reluctant to cut losses, the government is weighing on options before taking a step that could either provide a relief to the consumers or hamper its revenue prospects.

The government is now mulling a 'windfall tax' on all oil producers like ONGC in an attempt to moderate fuel prices.

The problem, as the current set of ministers have found out, is that it is always easy to protest while in Opposition - but not so easy to take steps to cool prices when you are in the government.

Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates. GST will ensure a single tax, says Fadnavis.

After Karnataka polls, the overall increase in the prices of petrol has been Rs 2.84 per litre whereas diesel has gone up by Rs 2.60 during the same period.

There seems to be no respite from the boiling fuel prices in the country. On Thursday, the price of petrol touched Rs 85 per litre in Mumbai while diesel was retailing at Rs 72.96.

The prices of petrol and diesel have skyrocketed recently. Meanwhile, the opposition parties also accused the Centre of inaction on the issue of hike in fuel prices. BusinessToday.In Editor Rajeev Dubey tells what best the government can do to check the rising prices.

After the prices of petrol and diesel hit an all-time high, the government is scrambling to contain the rising prices. Anger is running high among people across the country and opposition parties also took the NDA-led government to task on the issue. The government also hiked excise duties on fuels a dozen times in the past few years. Watch BusinessToday.In's video to find out how the consumers have reacted to the hike across the country.

Even as the clamour grows for a cut in central excise duty to bring down skyrocketing petrol and diesel prices, the oil marketing companies (OMCs) seem to have got the most bang for their buck ever since the Modi government came to power.

Gone are the days when an increase in petrol and diesel prices was announced every few months and opposition parties gathered together to stage a protest against it. What we are seeing now is almost a daily increase in fuel prices. The trend had started in June last year when oil marketing companies started revising rates on a weekly basis. Today fuel prices have touched an all-time high. BusinessToday.In Editor Rajeev Dubey talks about two options that are available to the government to contain the rising fuel prices.

Prices of petrol and diesel in India have witnessed a steady increase in the past 4 years. This is because the government hiked excise duties on fuels a dozen times in this period. Watch BusinessToday.In's video to find out the reasons behind the sharp spike in fuel prices.

The nearly 30 per cent increase in aviation turbine fuel (ATF) over the last one year could compel domestic airlines to go for a upward fare revision to offset the increased cost of operations, according to experts.

A tougher option could be to finally bring petrol and diesel under GST, which has been dangled as a lollipop for a long time. Even at a prohibitive 18 per cent tax rate, petrol would barely cost Rs 45.75 per litre.

It is no secret that petrol and diesel in India are heavily taxed. But how much more (or less) do Indians pay when it comes to buying a litre of fuel?

With rising petrol and diesel prices, there is a risk of the monetary policy turning hawkish, which would, in turn, have a bearing on growth of private investments.

Oil marketing companies have been raising the prices of petrol and diesel with a vengeance ever since the Karnataka elections got over. The prices were raised for the 8th day in a row since May 14 when the elections got over. The government had issued verbal instructions to the oil marketing companies not to raise prices in the run up to the Karnataka elections. BusinessToday.In Editor Rajeev Dubey talks about three possible solutions to contain the rising fuel prices.