Friday, May 6 2005 10:37 Hrs (IST) - World Time -

Indore: Decision to hike prices of petroleum products will be taken by the Union Cabinet and the Petroleum Ministry is ready with all relevant facts on the issue, Union Petroleum and Natural Gas Minister Manishankar Aiyar has said.

"My Ministry is ready with its presentation before the Cabinet and even I am ready to face all the queries in this regard from the Cabinet Members. The final decision to hike, reduce or maintain status quo on the prices of petroleum products will be taken by the Union Cabinet," Aiyar told reporters in Indore last night (May 5, 2005).

The country should have a rational pricing policy for petro-products, which can take into account international price behaviour keeping in mind the financial issues, he said.

Referring to the rising deficit of the oil companies, the Minister said in view of the unstable international oil prices, if remedial measures are not taken soon, then the present deficit of oil companies, which stands at Rs 20,000 crore will rise to Rs 37,000 crore.

"We have to decide whether we are prepared to hurt the interest of future generation in order to save the interest of today's consumers," the Minister remarked while making a case for rise in the prices of petroleum products.

Aiyar said he has already met the Finance Minister, Communist Party of India-Marxist (CPM), Communist Party of India (CPI) leaders and Railway Minister Laloo Prasad Yadav on the issue. "I will soon meet Nationalist Congress Party (NCP) president Sharad Pawar, Lok Janashakti Party (LJP) president Ramvilas Paswan, leaders of Forward Block and other Left parties to abreast them with the facts," Aiyar added.