Government hints at fuel price hike

New Delhi, May 22 (ANI): Petroleum and Natural Gas Minister S.Jaipal Reddy on Tuesday hinted at the possibility of another fuel price hike, even as Rupee depreciated for the fifth consecutive day against the US dollar.

Reddy, however, did not reveal when the price hike would take place.

He said that once a decision is taken by the government, a meeting with other political parties would be convened to explain the reasons for the hike, if it should take place.

Reddy claimed that oil firms are incurring huge losses, especially after rupee's depreciation against the dollar.

It is estimated that oil marketing companies are in debt to the tune of Rs.72,000 crore, and that for every rupee that depreciates, they lose Rs 8000 crore.

The opposition BJP reacted to the development by saying that prove to be disastrous for the common man. (ANI)