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Bold move needed to cut petrol price hike: Vayalar Ravi

Ravi,in a letter to Petroleum Minister Reddy,questioned claims of oil cos that they are incurring huge losses.

Written by Agencies | New Delhi | Published: June 2, 2012 8:43:22 pm

Union Minister Vayalar Ravi today disapproved of the petrol price hike and suggested a “bold may be taken to reduce the recent increase”.

Ravi,in a letter to Petroleum Minister S Jaipal Reddy,questioned the claims of oil marketing companies that they are incurring huge losses and asked his cabinet colleague to scrutinise the issue in detail.

He is the second Union Minister after Defence Minister A K Antony to have expressed unhappiness at the petrol price increase. Antony had on Wednesday criticised the hike saying it was “not a correct step” and the oil companies should have shown some “propriety” before taking the decision.

“Apparently,the claim made by oil companies that they are running at a loss seems to be untrue. As a matter of fact,the expenditure of oil companies,including salaries,is among the highest in India and there is a perception that funds are being wasted,” Ravi,the Overseas Indian Affairs Minister,said in the letter.

“In this backdrop,I feel a closer scrutiny is needed before deciding on any further increase in oil prices.

Instead,a bold look may be taken at reducing the recent hike,” he said.

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