‘Petro hike depends on global prices’ | india | Hindustan Times
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‘Petro hike depends on global prices’

india Updated: Jun 29, 2009 01:07 IST

Union Minister of Petroleum and Natural Gas Murli Deora on Sunday said that the government was closely monitoring the international crude oil prices before deciding on the petroleum product price hike.

“Unfortunately, the prices of crude oil have gone up recently. It’s like a sword swinging between two ends. We are just watching the situation. We are concerned about the hike in the crude oil prices,” Deora said.

“We have to wait a little more to see whether they (international prices) stabilise. We can think something only when volatility is reduced. That’s why we have not taken any decision,” the minister said.

Deora is in Goa with his deputy Jitin Prasada and other ministry officials to participate in the oil companies’ conclave.

He also met Goa Chief Minister Digamber Kamat and state government officials and discussed state-specific issues.

The minister said the Union will monitor the situation before deciding on the prices which are directly affecting the poor people.“We try our level best to ensure that the prices are not hiked. We will increase it only when crude prices go high,” Deora said.