''The states ruled by them should first withdraw VAT and other taxes to reduce the petroleum prices before saying anything on the matter," Jaiswal told a press conference here.
To media queries on the opposition allegations on petrol hike, the minister said, "ask them (opposition) to come forward if they had any better idea to control petroleum prices in the international market."
"The opposition parties should tell the people what ideas they have and what they would have done under similar circumstances to prevent spiralling international fuel prices," he said.
It was the first time in 40 years that petroleum prices in the international arena became so steep, he added.
To a query on opposition charges on fiscal mismanagement, Jaiswal lauded Prime Minister Manmohan Singh,
Union Finance Minister Pranab Mukherjee and Planning Commission Vice Chairman Montek Singh Ahluwalia for credible fiscal management in the backdrop of severe economic meltdown across the globe.
"It was because of them, he added, (that) India registered 7/8 per cent growth rate when the US economy slowed down and now the country had 6/7 per cent growth at a time when Europe was going through a similar phase.
"All credit (goes) to them," he added.