NEW DELHI, May 25:
Ruling out any immediate rollback in the steep Rs 7.54 a litre hike in petrol prices, the Government today said it will watch international oil prices and rupee-dollar rate for “a few days” before taking any decision on cutting rates.
Amid growing street protests and unease within his own party, Oil Minister S Jaipal Reddy came out to defend the third price increase in a year and the first in almost seven months, saying the oil companies had exhausted all options.
Breaking his silence over the hike announced by oil companies on Wednesday, Reddy said: “All political parties including my own party (Congress) are populist… (but) we cannot run the country on populist sentiments”.
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