According to a report by the firm, the 8.2 per cent GDP growth for the April-June quarter of this year, though "encouraging", was largely owing to base effects.
Addressing media, Union Minister and senior BJP leader Ravi Shankar Prasad held the Opposition responsible of risking lives of the people in the name of Bharat Bandh.
Bharat Bandh called by Congress against fuel price hike begins
Congress calls for Bharat bandh today against fuel price hike
Responding to a question, Patil said the chief ministers of Congress ruled Punjab and Karnataka have already been directed to reduce value added tax (VAT) on petroleum products.
Earlier today, the Indian rupee slumped to a record low of 71 against the US dollar by falling 26 paise on persistent demand for the US currency amid rising crude prices.
While in Delhi and Mumbai petrol was at Rs 75.85 per litre and Rs 83.24 per litre respectively on July 6, in Kolkata and Chennai, petrol was at Rs 78.53 and Rs 78.72.
The price of petrol in Delhi climbed to Rs 75.71 per litre from Rs 75.55 and diesel to Rs 67.50 a litre from Rs 67.38, according to price notification of Indian Oil Corp (IOC).
The strike is likely to cause a hike in prices of perishable goods items due to supply constraint.
Petrol and diesel price were last revised on June 12 when they were cut by 15 paise and 10 paisa a litre, respectively.
The fuel price hike has hit farmers the most as it has become difficult for them to fill adequate diesel and petrol in their tractors and other agricultural equipment.
While Petrol touched Rs 78.43 per litre in Delhi, it was crossed Rs 86-mark to sell at Rs 86.24 per litre in Mumbai. Diesel in Delhi stood at Rs 69.31 per litre and Rs 73.79 per litre in Mumbai.
The increase was warranted "to offset the impact on its input costs as a result of recent appreciation of dollar vis-a-vis rupee and revision in proportions of domestic gas allocation," the statement said.
The Narendra Modi Government, which will be celebrating its fourth anniversary on Saturday, May 26, has come under severe criticism from the Oppostion over the skyrocketing fuel prices.
Uttar Pradesh: Diesel worth of lakhs wasted at Roza Junction in Shahjahanpur
As Prime Minister Narendra Modi accepted the Fitness Challenge thrown by cricketer Virat Kohli on Twitter, Rahul Gandhi posed another challenge before him to reduce the rising fuel prices in the country, else face a nationwide stir.
Fuel price hike: Congress workers protest at Mumbai's Western Express Highway
No sooner had Karnataka polled to elect a new state government, state-owned fuel retailers on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practices of changing rates on a daily basis.
Two days ago, the Sena, a constituent of the ruling NDA at the Centre and in Maharashtra, had said high fuel prices were the main reason for suicides by farmers in the country.
The opposition parties have blamed that the high tax burden on these fuels and asked the government to take immediate steps to bring down the rising petrol and diesel prices to give relief to the consumers.
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