Finance Minister P Chidambaram on Monday said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products. "Yes, rising crude prices is a matter of grave concern... it is entirely for the ministry of petroleum to propose that (an increase in domestic fuel prices) and seek a view on this," he told PTI in New Delhi.
Chidambaram was responding to a question if the rise in crude oil prices warranted an increase in petrol and diesel prices. Crude oil prices have touched a record 78 dollars a barrel this month and India imports more than 70 per cent its crude oil requirement.
He said the current inflation rate - which stood at 4.3 per cent as per latest government data - was driven by primary commodity prices, mainly fuel and food items. Asked about the ongoing debate on pricing of natural gas, the finance minister said, "I have no views on that."
The report of the Committee of Secretaries that went into the issue of market determined versus regulated prices for natural gas would be considered by the Cabinet, he added.
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