AMN / NEW DELHI
Petroleum and Natural Gas Minister Dharmendra Pradhan today ruled out government intervention in the daily revision of petrol and diesel prices, saying the reform will continue.
Terming the criticism of spike in rates as unfair, Mr Pradhan said the drop in prices for over a fortnight after the daily price revision was introduced on 16th June has been ignored.
He said, only temporary phenomenon of rising trend is being highlighted by the media and critics. He said, the daily revision immediately passes on the benefit of any reduction in international oil prices to consumers and avoids sharp spikes by spreading them in small doses.
The Minister said, the global prices have risen due to factors like hurricane in the US and there are indications of softening in the rates. Asked if the government will cut excise duty to soften the blow, Mr Pradhan said, that finance ministry has to take a call but it is very clear there should be a balanced between developmental needs and consumer aspirations.
India relies on imports to meet 80 per cent of its needs and domestic fuel rates have been aligned to movement of equivalent product prices in international market since April 2002.