Petroleum min hints at oil price hike

Petroleum Minister, S Jaipal Reddy today said that it is imperative to hike oil prices in India, as state-run companies incurred heavy losses due to the depreciation of the value of rupee against dollar. However, Reddy added that the government needed to consult all political parties on the issue of the hike of fuel price. The minister outlined the urgent need to take stringent measures, as the oil companies would incur Rs. 72,000 crore losses because of the rupee's depreciation against the dollar. Meanwhile, the central bank officials have accepted that it is fighting a losing battle in trying to stem a fall in the rupee.