Cong to look for other options before oil price hike

The Congress Party urges the Govt to explore all other options before raising prices of petrol and diesel in the wake of spiralling crude oil prices in the international market.

The Congress Party on Saturday urged the government to explore all other options before raising prices of petrol and diesel in the wake of spiralling crude oil prices in the international market.

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"The AICC is well aware of galloping oil prices in world market. It calls upon the Congress-led UPA Government to explore and exhaust all options before passing on any additional price burden to consumers," draft resolution at the All India Congress Committee Session said in New Delhi.

It said subsidies on kerosene, cooking gas, food and fertiliser "must be focused on the truly poor and vulnerable" sections of the society.

The AICC resolution comes within a fortnight of Prime Minister Manmohan Singh expressing concern over the growing subsidy bill, which he said, would cross a mammoth Rs 1,00,000 crore on account of petroleum, food and fertiliser.

Even as the crude prices are flirting with 100 dollar per barrel mark, the government has not been able to pass on the burden to the consumer on account of political considerations.

Petroleum and Natural Gas Minister Murli Deora, while expressing concern over the increasing burden on the state-owned oil companies, had stated earlier this week that the government was not yet ready to announce a price hike.