Jaipal Reddy warned of fuel hike on Tuesday

May 23, 2012 18:20

In fact, on Tuesday, Petroleum Minister S Jaipal Reddy said there was an immediate need to raise fuel prices.

"It (price increase) is very essential, but (before hiking rates) we have to talk to political parties," he told reporters in Amritsar on Tuesday, on the way to Ashgabat for signing of the agreement for the Turkmenistan-Afghanistan-Pakistan-India pipeline.

The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.

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