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No dual pricing for diesel: FM

business Updated: Aug 07, 2011 02:26 IST
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Finance minister Pranab Mukherjee on Saturday said there was no proposal to introduce dual pricing for diesel, a move that would have made fuel expensive for car-owners but helped the government reduce its subsidy bill.

Rubbishing the speculation that the government was considering dual pricing to cut expenditure and combat inflation, he said, “There’s no proposal to introduce dual pricing or increase duties for bridging shortfalls in tax revenues.”

Mukherjee said at a function organised by the Confederation of Indian Industry to observe two decades of economic reforms that the reforms process was irreversible. “The economic stakeholders have no reason to fear the introduction of any regressive policy measures at any point of time.”

He said though the process of reforms had been “held hostage” due to political events and ideological differences, the principal political parties have been able to work together on most issues.

He said issues like land acquisition, environment clearance and resettlement and rehabilitation had to be addressed adequately.