Petroleum ministry clears proposal for petrol, diesel futures

Amidst a continued rise in fuel prices, the union ministry of petroleum and natural gas has given in-principle nod for trading in petrol and diesel futures, ETNow reported on Monday quoting sources.

The report said market regulator Securities and Exchange Board of India (Sebi) will take the final call on petrol and diesel futures.
Indian Commodity Exchange (ICEX), which last month launched 30-cents diamond futures contracts, had sought Sebi's approval to launch petrol, diesel futures as well.
Besides the diamond futures contract, ICEX’s existing product basket also includes 1-carat and 50-cents contracts.
Fuel prices have been on an upswing in the recent past. On Tuesday, state-run oil marketing companies increased petrol and diesel prices for the 16th day in a row, despite a decline in crude oil rates. The revised price of petrol in Mumbai is 86.24 a litre.
Meanwhile, under public pressure over rising fuel prices, union minister of petroleum and natural gas Dharmendra Pradhan assured the public that the government will soon take out a solution to tackle the situation.
It is now left to market regulator Sebi to take a final decision on petrol and diesel futures.