New Delhi:
Union Petroleum Minister S Jaipal Reddy today told NDTV that at least a 15-day margin is needed to map changes in oil prices.
Speaking of a scenario in which petrol prices may go down, Mr Reddy said, "If Finance Ministry can reimburse the oil companies losses, then they can absorb price hike."
He added, "If rupee appreciates significantly, we will announce a cut in petrol prices."
Such assurances came a day ahead of the Prime Minister's crucial meeting with the Trinamool Congress.
The Trinamool Congress' Sudip Bandopadhyay said today that what they were demanding from the PM was "participation in these grave issues." The common man was being affected Mamata Banerjee's close aide said and "that is not a good thing. No, we are not asking for a rollback. We are trying to represent the grievances of the common man. Prices of diesel and gas are going to increase, is what we are hearing."
There is little chance anyway of the government stepping in to roll back the hike in petrol prices as Prime Minister Manmohan Singh has firmly stated that deregulation is here to stay.
Mamata Banerjee is upset that she was not consulted on the Rs. 1.82 petrol price hike last week. On Friday, she lashed out at the functioning of the government that her party is a significant part of and said her seven ministers in the UPA government were ready to resign. Trinamool sources say those resignation letters are with Ms Banerjee.