'No rethink on petro price hike'

NEW DELHI: Petroleum Minister Murli Deora has said there would be no rethink on petroleum and diesel prices, which were raised by Rs 4 and Rs 2 respectively.

"We have tried to pass on the least possible burden to consumers. The spurt in international oil prices required a steep hike to save oil companies from bankruptcy," he told reporters here.

The Minister said the price hike decision had been taken after due consideration of the interest of all stakeholders. "We have been very reasonable and so I do not think there is a need to roll back the hike at this point of time," he added.

The Cabinet had yesterday approved the hike, which would help narrow the staggering Rs 73,500 crore financial loss of national oil companies.

The government, which left prices of cooking gas and kerosene unchanged, also approved cut in customs duty and issuance of oil bonds to bridge deficit arising from surging global oil prices.