Lalu rules out hiking passenger fares due to petro price rise

Varanasi, June 8 (UNI) Admitting that an additional annual burden of Rs 4,000 crore will have to borne by the Railways following the hike in diesel prices, Railway Minister Lalu Prasad today, however ruled out jacking up passenger fares.

Interacting with newspersons during a brief stopover at Varanasi Cantonment railway station here on way to Delhi from Chapra, he said the latest hike in diesel prices will result in an additional annual burden of Rs 4,000 crore on the Railways.

''Despite this burden, the passenger fares will not be raised, but the burden will be met through increased trade by the railways.

We have offered a rebate of 30 per cent on freight charges to stimulate more trade through rail,'' he said.

Terming the UPA government's decision to go for rise in prices of petro products as ''inevitable,'' Mr Prasad said pressure of soaring international crude oil prices had necessitated the rise.

''Had the prices not been increased, our oil companies would have become bankrupt.'' The railways minister further said it was under the pressure of the US and the Gulf countries that the international oil prices were rising consistently.

Taking a dig at those raising hue and cry over the price rise, the RJD supremo said if the protesting parties had any solution to the problem, they should put it forward rather than taking to streets on the issue.

Mr Prasad, however, said petro price hike will certainly lead to inflation in the economy and the UPA partners have urged Prime Minister Manmohan Singh to find a way out of any inflationary crisis.

The minister suggested only the transformation of power sector to produce more electricity could reduce country's depedence on petrol and diesel.

UNI ARS VS VD PC1906