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Fuel price hike a necessity but no decision
yet: Jaipal Reddy
Tuesday May 22, 2012 11:26:42 PM,
IANS
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Amritsar: Petroleum
and Natural Gas Minister S. Jaipal Reddy Tuesday said no decision
had been taken on increasing fuel prices in the country but added
that it was "an immediate necessity".
On his way to Ashgabat (Turkmenistan) for the signing of an
agreement on the Turkmenistan-Afghanistan-Pakistan-India oil
pipeline, Reddy told reporters here that the rupee's depreciation
against the US dollar would further cause a loss of thousands of
crores of rupees to oil companies.
"They (oil companies) are not demanding (fuel price hike) but that
is an immediate necessity," Reddy said.
"When and how to do this, I cannot predict now. No decision has
been taken as yet. We will talk to all political parties (before
taking a decision on the hike)," Reddy said.
"The rupee is depreciating day by day. With the depreciating
rupee, the oil companies will suffer a loss of Rs.72,000 crore
this year," he said, expressing concern at the development.
Reddy pointed out that for every rupee that the currency (rupee)
depreciated against the US dollar, the oil companies suffer a loss
of Rs.8,000 crore.
"The US dollar has crossed Rs.55 mark. It was Rs.46 per dollar
last year," he pointed out.
Oil companies have been asking the government to allow them to
hike fuel prices, both petrol and diesel, in view of their losses,
but that has not been allowed so far as this could lead to
inflation in the country.
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