Deora rules out roll back of fuel prices

Mumbai, June 9 (UNI) Union Petroleum Minister Murli Deora today ruled out a roll back of the petrol and diesel prices.

''At present there is no possibility of rolling back the increased prices of the petrol and diesel as the least burden of increase in crude oil prices is passed on to the customers while the companies like ONGC and GAIL have borne a major burden,'' Mr Deora told reporters here today.

''I had talked to all the political parties about hike in the oil prices which were kept in abeyance for a long time,'' he added.

On certain sections of Congress opposing the hike in oil prices, Mr Deora said Congress is a ''vibrant party'' and so everybody expresses their opinion. He also said party president Sonia Gandhi directed him not to increase the prices of kerosene or LPG.

For the current year, if present international oil prices continue without adjustment in domestic retail selling prices or any financial support from the Government, PSU oil marketing companies would have incurred under recoveries of about Rs 73,500 crore. On the other hand, the combined net worth of four oil marketing companies is about Rs 41,500 crore, Mr Deora said while giving the description of the situation which forced the government to increase the prices.

However, the government passed only Rs 9,300 crore to the customers while the remaining was shared by ONGC and GAIL.

''Come what may, the vulnerable section of the society should not be denied the access to kerosene and LPG,'' Union Petroleum secretary M S Srinivasan, who was also present during the press conference, said.

The actual cost of one litre kerosene is Rs 26, while the Government is selling it at Rs nine, he added.

However, if the increase in crude oil prices continues in the same way, the Government will have to rethink on these prices also, he warned.

UNI JM GK YA HT1857