India: Mukherjee justifies fuel prices hike

India’s Finance Minister Pranab Mukherjee justified the federal governments move to hike fuel prices despite its repercussions of inflationary trends. He said this in the course of interaction with the mediapersons at a meeting in western city of Mumbai on Saturday. He said that the move was inevitable, as most of the countrys basic fuel needs have to be imported.“About 75 percent of our crude requirements are imported. Government of India and people of India have no say in the price rise of the petroleum crude. During the entire NDA (National Democratic Alliance) regime the average prices of the crude per barrel varied from $24 to $36 per barrel. And today it is $113 per barrel,” said Mukherjee.Further he contended the federal government is still doing its best by providing subsidy on fuel in order to provide relief.“We are still providing substantial subsidy despite some recent rate hike. So far as petroleum is concerned, please remember. And those who are criticising us they should also remember that it is during their time all the petroleum products were decontrolled,” said Mukherjee.Meanwhile, at Agra city of India’s northern state of Uttar Pradesh activists of the regional outfit Samajwadi Party that is the main opposition in the province, staged a protest against the hike in petroleum prices.They rode cycle-rickshaws as mark of protest and raised slogans against the federal government demanding immediate roll back of hike in fuel prices.