Sivaganga (TN), October 24: Describing the rise in prices of petroleum products as “unavoidable”, Home Minister P Chidambaram on Saturday said that oil companies continue to sell fuel products, except petrol, at subsidised rates.
“The rise in prices of petroleum products can not be avoided in developing countries,” he said at a function late last night at Karaikudi in his native district of Sivaganga, Tamil Nadu, while noting that India imports 70 per cent of its fossil fuel requirement at present.
Nevertheless, the government provides a subsidy of Rs 300 on domestic cooking gas cylinders and Rs 15 per litre of kerosene, he said while inaugurating a State Bank of India ATM at a petrol bunk.
In June, the government had freed petrol pricing from its administrative control, allowing state companies to fix rates in line with the cost of production.
–Agencies