Date:15/11/2007 URL: http://www.thehindu.com/2007/11/15/stories/2007111561101300.htm

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Deora: no need for hike in fuel prices

Sujay Mehdudia

NEW DELHI: Petroleum and Natural Gas Minister Murli Deora on Wednesday said there was “no need for a hike in fuel prices” in the backdrop of international crude oil prices showing a cooling effect and ongoing consultations within the Government.

“The United Progressive Alliance Government has no plans to raise the price of petrol or diesel in the near future. There is no need for a hike and an appropriate decision would be taken at an appropriate time. Our mandate is to protect the interest of the ‘common man’ as directed by the Congress president, Sonia Gandhi and the Prime Minister, Manmohan Singh,” Mr. Deora said here on Wednesday.

However, Mr. Deora expressed concern over the under-recoveries of state-run oil marketing Companies (OMCs) on account of increasing global crude prices which now threaten to cross the psychological $100 mark per barrel. “I am in the process of consultations with the Prime Minister and the Finance Minister, P. Chidambaram, and are trying to work out a best solution to the satisfaction of all,” he said.

To lead team to Pakistan

Mr. Deora said he would be leading a delegation to Pakistan this month-end to formally announce India’s joining the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project next month. The project is backed by the Asian Development Bank.