Decontrolling Petroleum Prices ‘Much Needed’ Reforms: PM
Rejecting Opposition’s criticism of the government’s decision to hike fuel prices, Prime Minister Manmohan Singh has said that the move to free petrol and diesel rates was ‘much needed’ reforms and that there should be no ‘excessive populism’, said media reports.
“The fact that petrol prices have been set free, the same is going to be done to the diesel prices, was much-needed reforms,” he was quoted as saying while talking to media persons accompanying him on his way back home from Toronto where he attended the G-20 Summit.
On June 25, the Centre had decontrolled petrol prices, leading a Rs 3.50 a litre increase in petrol prices and Rs 2 a litre hike in diesel prices.
In addition, domestic LPG prices were hiked by Rs 35 per cylinder and kerosene rates went up by Rs 3 per litre, the first increase in the poor man’s cooking fuel in more than 8 years to cut government subsidies.
“And the adjustment that has been made in the prices of kerosene and LPG was also necessary, considering the very high amount of subsidy that is implicit in their pricing structure,” he was quoted as saying.
Freeing diesel prices from government control would result in rates going up by another Rs 1.50 per litre but no timeframe has been set for doing so.
Singh made the remarks in response to a query on the government’s decision on Friday to effect an increase in the prices of petroleum products to cut losses for oil marketing companies and whether it indicated that the government was getting ready for tougher reforms and further deregulations.
“Well I can’t tell you what we are going to do next. I think that when things get crystallised in the government system you will know them,” he was quoted as saying.
The Prime Minister said that the government had taken due care to ensure that the poorer sections were affected to the least possible extent and that was why the attempt to keep under regulation the prices of kerosene and LPG, reports said.
Even after the hike, kerosene is being sold at Rs 15.07 per litre below cost while a 14.2-kg LPG cylinder is under priced by Rs 226.90.
The hike in fuel prices was necessitated because of the rising gulf between the cost of production and the retail prices.
(Based on internet reports)
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