Moily rules out roll back in petrol, diesel hike
February 18, 2013  13:59
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Oil Minister M Veerappa Moily today ruled out a roll back in the Rs 1.50 a litre hike in petrol and 45 paisa per litre increase in diesel rates saying only a small raise has been passed on to consumers.

"No, No," was he refrain when asked if the government will consider rolling back last week's increase. "Our country imports 73-75 per cent of oil. We need to pay Rs 7 lakh crore for the imports. Where do we find that kind of money," he said. The first hike in petrol price in over three-and-a-half months and the second rise in diesel rates in one month exclude local sales tax or VAT, making the cost for consumers even higher. Petrol price in Delhi went by Rs 1.80 to Rs 69.06 per litre from February 16. Diesel rates went up by 51 paise to Rs 48.16 a litre.
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