Click to play videoNew Delhi: Inspite of the surge in oil prices, Finance Minister P Chidambaram has ruled out any further hike in fuel prices in India. Speaking exclusively to CNN-IBN, he indicated that the Government's hands were tied because the Government has been unable to explain the reasons for a fuel price hike.
Karan Thapar: Since the three weeks that you have increased the prices of petrol, diesel and LPG in India, the international oil prices have increased somewhere between $10 and $15. Are you going to have to make further adjustments to the price in India?
P Chidambaram: I think given double digit inflation, given my earlier caution that the price increase will result in double digit inflation, I don't think there is an appetite for a further increase in prices. You see, we have not yet been able to communicate to the people in India that since we import almost 75 per cent of our crude oil, we are victims of this price increase.
Karan Thapar: And till you can communicate it effectively, you can't actually increase the price they pay in India further.
P Chidambaram: Well when we do it, we take the flak and when we can't do it anymore bacause of political compulsion, we grin and bear it, but we have to communicate to the people that we - India - like any other developing country which is an oil consumer, is a victim of international crude oil prices.
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