Nath justifies hike in fuel prices

Chhindwara, MP, Jun 8 (UNI) Justifying the recent hike in petro products' prices, Union Commerce and Industry Minister Kamal Nath today said the move had become imperative owing to oil prices rising in the international market.

''India imports 70 to 75 per cent of its fuel requirement. The international price shot up to 75 dollars per barrel from 40 dollars. A yawning gap of Rs 77,000 crore existed between oil companies purchase and sale prices,'' he told mediapersons at the local airstrip.

Claiming that the Centre wanted to place the least burden on the public, the minister added that the Government would bear Rs 27,000 crore and a like amount would be borne by the companies.

''The steps taken by the Centre, to rein in rising cement rates, are finally beginning to have a visible impact,'' Mr Nath explained.

Responding to a question, the local MP said coordination between the Centre and state government was essential for Madhya Pradesh's development.

UNI XC-AC VD HT2015