The government on Tuesday ruled out any rollback of last month's increase in prices of petrol, diesel and LPG, and said a policy for pricing of major petroleum products was under review.
"There is no proposal to reconsider the increase in prices of petrol, diesel and domestic LPG," Petroleum Minister Mani Shankar Aiyar said in a written reply to the Rajya Sabha.
The retail selling prices of petrol, diesel and domestic LPG in Delhi were last month hiked by Rs 2 per litre, Re 1 per litre and Rs 20 per cylinder, respectively.
"Taking into consideration the prevalent high international oil prices, the oil marketing companies (OMCs) sought to increase the consumer prices of petrol, diesel, LPG and kerosene. However, if the full impact of high global oil prices was passed on entirely to the consumers, it would have meant too much of a burden on them," he said.
The government shared the burden by reducing excise duties on petrol, diesel and LPG. "The burden of high international oil prices was also shared by OMCs by not passing on the full impact."
To another question, Aiyar said: "The policy for pricing of major petroleum products is under review" but offered no details.
He, however, ruled out creation of an oil pool account, similar to the one that existed during the administered pricing era prior to April 1, 2002.
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