No roll back of fuel price hike: Deora

Petroleum Minister Murli Deora says the decision on the hike in prices of petrol, diesel and LPG is final and there will not be any change to it.

The government on Saturday said it would not roll back the hike in petrol, diesel and cooking gas prices that was effected on June 5.

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"Decision on the hike in prices of petrol, diesel and LPG is final and there will not be any change to it," Petroleum Minister Murli Deora said in an interview to Hindi news channel NDTV India.

Many states have already slashed sales tax on petrol and diesel and VAT on cooking gas to cushion the impact of the hike on consumers.

The Centre announced an increase of Rs 5 per litre in petrol, Rs 3 per litre diesel prices and that of LPG by Rs 50 per cylinder earlier this week.

Deora explained that the price hike had become necessary to curb the losses of oil marketing companies.

States ruled by Left parties observed a shutdown, including two days in West Bengal, to protest the price increase.
Had it not been for the increase, the three-state run oil firms BPCL, HPCL and IOC would have lost over Rs 225,000 crore in revenues this fiscal and would have run out of cash to import crude.