Slash prices further: Ravi

Union minister and senior Congress leader Vayalar Ravi has urged petroleum minister Jaipal Reddy to look at cutting down the petrol price hike, citing reports that oil companies were making huge profits.

Union minister and senior Congress leader Vayalar Ravi has urged petroleum minister Jaipal Reddy to look at cutting down the petrol price hike, citing reports that oil companies were making huge profits.

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“Apparently, the claim made by oil companies that they are running at a loss seems to be untrue,” Ravi wrote to Reddy on May 29. The expenditure of these companies, including salaries, he wrote, was among the “highest in the country” and there was a perception that “funds are being wasted”.

“A bold look may be taken at reducing the recent hike,” the letter stated.