No immediate petrol price hike, clarifies minister

September 7th, 2012 - 2:12 pm ICT by IANS  

New Delhi, Sep 7 (IANS) Another hike in petrol price is on the way but not immediately, Petroleum Minister Jaipal Reddy said Friday.

“There are no immediate plans…There is of course a crisis of unprecedented magnitude. However, there are no immediate plans (to hike petrol prices),” Reddy told reporters.

He said the loss to petroleum companies was escalating and another rise in prices may come.

“Our companies lose around a huge figure of (Rs.) 2 lakh crore yearly. I cannot hope to wipe out the entire deficit but there is a need to reduce this deficit. We will have to take some difficult and painful decisions, but we are not taking them immediately,” he said.

Reddy’s clarification came after news reports that another hike in petrol price was likely by Saturday.

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