Steps to reduce petro price hike burden

Terming the increase in petrol and diesel prices by the Union Government as 'unfortunate', Chief Minister K Rosaiah on Saturday said the government would make efforts to reduce the burden of petroleum prices on the poor man.

Talking to reporters, the Chief Minister said the Union Government took this step to reduce the subsidy burden on oil marketing companies and deregulated fuel prices on par with the crude prices at international markets.

Admitting that the hike in fuel prices would disturb the economy of the common man, he said the government would take all steps to reduce the burden.

He said the state government would get Rs 540 crore sale tax through the petrol and diesel price hike. However, the government would make a plan to spend this entire amount for the welfare of poor and backward class people.

He said the Cabinet would discuss petro price in a meeting and take a decision on spending the sales tax collected through selling petrol on July 1.