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Fuel Price Must To Hike, Says Oil Minister

It is unavoidable to hiked price of diesel, cooking gas and kerosene, said oil minister S Jaipal Reddy on Tuesday. They also pointed to that the hike may not be resolute by Cabinet Committee on Political Affairs at its conference later in the evening on Tuesday.

Reddy declared that he had on Monday dispersed an updated report of note specifying the crisis formed by increase in basic oil price and go down in value of rupee against the US dollar to members of the CCPA, which is directed by PM Manmohan Singh.

“I have tried to explain the members of CCPA about the topic, as I have said before painful and hard decisions on cost of oil products will have to be taken. It is unavoidable to increase in price of oil”, Reddy said.

Reddy added in press conference that if the CCPA does not talk about the matter of fuel cost on Tuesday, it would be taken up at the next conference of the Cabinet Committee which takes assessment that has wider political effects.

A final decision on raising prices would have to be taken not only on economic facts but also taking into account the how much the consumers can absorb and try to make balanced view, from the oil minister side.

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