The Hindu : National : Minister hints at increase in oil price

Online edition of India's National Newspaper
Wednesday, Aug 17, 2005

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National

Minister hints at increase in oil price

Special Correspondent

NEW DELHI: Hinting at a hike in petroleum product prices, Petroleum Minister Mani Shankar Aiyar told the Lok Sabha on Tuesday that various measures were being considered to restrict the impact of spiralling world prices.

These included "equitable burden sharing," of some by the consumer, a substantial chunk by the government and the largest share on the shoulders of the companies. Intervening in a debate on rise in prices of essential commodities including oil, he said prices in the Indian crude oil basket have crossed $60 a barrel but assured that all steps would be taken to ensure that the burden on the common man was minimal with a reduction in duties. This was despite the fact that oil prices had shot up by $18 over the last 14 months, he said which was the same as the increase over the eight years from 1996 to 2004. On the Opposition charges that the UPA government had done little to protect the interests of the common man, he said that despite the steep hike in world oil prices, the government increased petrol prices only by Rs. 7 a litre as compared to Rs. 16 by the NDA government.

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