Get ready for hike in petrol prices

Coimbatore: Union Finance Minister, P Chidambaram on Tuesday said that he cannot defer the hike in prices of petrol and dieself for too long.

"Not very long," he said, when asked how long the government could put off the price hike in view of global crude oil prices crossing $70 a barrel.

"The finance minister or petroleum minister cannot find a solution in this regard. It has to be decided through consensus, for which all political parties have to meet," Chidambaram said.

Denying that there was a freeze on domestic fuel prices in view of assembly elections in some states, including Tamil Nadu, he said: "We are not producing (oil). The oil producing countries have near monopoly on oil prices."

When the price of a barrel reached $25 it was an economic issue, but when it crossed $65 to $70, it became a complex political issue, Chidambaram said.

To a question whether the increase in oil prices was artificial, the finance minister said, "Of course. There is no justification for the increase."