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Rediff News  All News  » Business » No rollback of petro prices: Aiyer

No rollback of petro prices: Aiyer

July 28, 2005 14:33 IST

The government on Thursday ruled out any rollback in hike in prices of petrol and diesel, saying a number of steps had been taken to contain the burden of increase on consumers.

It was decided that the burden should be equitably shared by consumers, the government and oil companies, Petroleum Minister Mani Shankar Aiyar said in the Lok Sabha during Question hour.

Petrol and diesel prices were hiked by Rs 2.50 and Rs 2.00 per litre on June 20.

Government, on its part, has reduced excise and customs duties and oil marketing companies, in accordance with administrative instructions, have been modulating impact of high oil prices on domestic retail prices of sensitive products like kerosene, LPG, petrol and diesel by not passing on the full burden to consumers.

In spite of under-recoveries to oil companies running into several thousand crores of rupees on account of high international prices, the price of kerosene has remained unchanged since March 2002 and that of domestic LPG since November 2004, the minister said.

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