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National News
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Revision of petrol prices lie with state-owned oil marketing companies: Antony
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Posted online: Wednesday, May 30, 2012 at 11:32:15 AM
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Neyyattinkara (Kerala), May 30 : Accepting that the hike in petrol price was too steep, Defence Minister A.K Antony, however, said the right to revise it lay with the state-owned oil marketing companies.
"Although, the central government has already decontrolled as such the rights to fix the prices of petroleum product lie with the petroleum companies, the government still has the authority to fix the price for diesel, kerosene and LPG (liquefied petroleum gas) products," Antony told media here.
"The petrol price hike was, indeed too much and personally I do not justify such an instant rise in prices of petrol. Yet I am giving an assurance that the government will not raise the diesel, kerosene and LPG prices," he added.
Oil Minister S. Jaipal Reddy had earlier acknowledged the price increase was deeply unpopular but said the oil companies, which have not been compensated by the government for the losses, 'are bleeding'.
The Congress party-led United Progressive Alliance (UPA-II) government had on March 24 announced a hike in petrol prices by rupees.7.50 per litre.
The move has triggered fierce howls of protest and outcry from the masses, and parties from across the national political spectrum -including key government allies-have demanded a rollback in the increased prices.
The hike in prices meant that the price of petrol in Delhi went up from rupees.65.64 to.73.14 per litre. In Mumbai, the price shot up from rupees.70.66 to 78.16 per litre whereas in Kolkata, the price rose to rupees 77.53 from 70.03 per litre. In southern state of Tamil Nadu, the cost jumped from rupees 69.55 to 77.05 per litre.
Source-ANI
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