No rolling back of petrol price hike, government helpless

No rolling back of petrol price hike, government helpless

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After some hope was seen for at least a partial roll back of the hiked petrol prices, Oil minister Jaipal Reddy on May 25, 2012 said that there would not be any roll back for now. Reddy expressed his helplessness over the hike and said that the matter was beyond the control of the government.

The Oil Minister addressed the media in Delhi and said clarified that the hike in the global price was beyond the control of the government and that the hike was for the long term gain. Reddy while talking to the reporters said, “I have met Finance Minister Pranab Mukherjee today and we have decided to consult state governments too (over the steep hike in fuel prices).”

But still the minister assured that he will watch the situation for a few more days. The massive hike in the price of petrol has resulted in massive protests across the country.

Reddy added, “One is aware of the problems caused by these two (petrol price hike and rupee depreciation) massive developments…We at the ministry cannot remain indifferent to your problems.”
The minister also said that the oil companies should not suffer owing to the spiral cost of the crude oil in the international market.