Jaipal Reddy Rules Out Rollback For Now

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We will watch global crude prices and rupee rate before taking final decision’[/font][color=#3B3A39][font=Georgia,]
Despite street protests and condemnation by political parties, including the ruling Congress, Petroleum and Natural Gas Minister Jaipal Reddy on Friday ruled out withdrawal of the steep increase in petrol price. He, however, said the government would review the situation within a few days.[/font][/color]
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“We will watch the international crude prices and the rupee-dollar rate for a few days before taking any decision on cutting the rates. I seek the cooperation of all political parties on the issue of oil prices. Finance Minister Pranab Mukherjee and I will hold consultations with the Chief Ministers very soon to try to come to a common understanding on taxing petroleum products at the State and Central levels,” he told journalists here.[/font][/color]
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Mr. Reddy said he had been urging Mr. Mukherjee to convene a meeting of the Empowered Group of Ministers (EGoM) to discuss the high subsidy on domestic LPG diesel and kerosene. He defended the petrol price increase by the oil marketing companies, saying they had exhausted all options. “All political parties, including my own party [the Congress], are populist. But we cannot run the country on populist sentiments.”[/font][/color][color=#3B3A39][font=Georgia,]
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