Reddy rules out immediate review of petrol price hike

Petroleum minister Jaipal S Reddy has refuted rumors of plans to review petrol price hike in the next few days and instead defended the action by oil marketing companies.

While the decision to hike petrol price was harsh and unpleasant, he said, "we at the ministry can't take any definitive view right now," adding, "the situation can't be manipulated. We are duly conscious of the sense of disturbance among consumers."

He said there are no instant solutions and that he was seeking a few days to watch global trends and discuss the matter with states before coming up with a view.  

The few days, he said, "will be only a few days and not weeks or in infinity."

Reddy's comments come after popular resentment at the sharp Rs7.50 average hike in the prices of petrol. The ruling UPA is also getting flak from its own coalition partners as well.

Leading carmakers have also resorted to distress sales of their petrol-driven car models following the highest-ever hike in petrol prices effected so far.