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India trying to get resolution soon on rising fuel prices: oil minister

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NEW DELHI (Reuters) - India is trying to get a resolution soon on tackling rising fuel prices, and the government is looking at both short-term and long-term solutions, said Oil Minister Dharmendra Pradhan on Thursday.

Prices of diesel and petrol in India have surged to a record high, stoking opposition criticism of Prime Minister Narendra Modi’s administration for causing hardship to ordinary people.

Rising global crude oil prices are largely behind the surge, but fuel is also heavily taxed by India’s state and central authorities, accounting for about 40-50 percent of the retail cost of petrol and diesel.

In Delhi, petrol costs 77.47 rupees ($1.13) a litre and diesel sells at 68.53 rupees a litre.

($1 = 68.3850 Indian rupees)

Reporting by Subrat Patnaik in Mumbai; Editing by Biju Dwarakanath