Jaipal Reddy ‘nervous’ about oil prices, but won’t change policy

Expressing ''nervousness'' over rising oil prices, new petroleum minister Jaipal Reddy said there would be no major departure from the policies of his predecessor Murli Deora.

Reddy takes charge a couple of days after oil marketing companies hiked petrol prices yet again on Saturday.

"I am a new minister in the old government. I am morally and politically accountable for all the policies and decisions of my predecessor. They were collective decisions of the cabinet. To expect any big change is unrealistic," Reddy said in a couple of interviews on Wednesday.

Hinting that tough measures will be taken if needed, Reddy said policies can always be evolved to meet a situation. "At the moment we import 75 per cent of our crude requirements. The country is growing at 8-9 per cent.

The need for fuel too is growing. At the same time prices are ruling high in the international market. It is a dilemma. During such times all decisions cannot be pleasant ... daily popularity cannot be the guiding force."

On freeing diesel prices from government control, Reddy said such issues can only be decided by the cabinet. "In such a huge area, a cabinet minister does not decide the policy. It is decided by the cabinet.