No justification of fuel price hike: BJP

Citing public data to substantiate its contention, BJP on Thursday said the government`s argument that petro prices had to be hiked as the public sector oil companies were facing losses was far from truth.

New Delhi: Citing public data to substantiate
its contention, BJP on Thursday said the government`s argument that
petro prices had to be hiked as the public sector oil
companies were facing losses was far from truth.
"The government had said while increasing prices of diesel
and kerosene that the petroleum companies were facing big
losses so it was constrained to increase the prices. We want
to say that the government is not speaking the truth," BJP
Chief spokesperson Ravi Shankar Prasad said.

Rattling off profit figures quoted in advertisements by
the public sector oil companies, Prasad said all of them had
made substantial profits in the last two years.

"ONGC had made a profit of Rs 22,455.83 Crore in the
financial year ending March 31, 2011 and Rs 19,403.53 Crore in
the previous year. Indian Oil Corporation had made a profit of
Rs 8085.62 Crore in the financial year ending March 31, 2011
and Rs 10,998.68 Crore the previous year," Prasad said.
Similarly, Hindustan Petroleum had earned profits of Rs
1,702 Crore in the financial year ending March 31, 2011 and Rs
1,476 Crore the previous year.

"Bharat Petroleum Corporation, which is the smallest of
these companies, made profits of Rs 174 crore in the financial
year ending March 31, 2011 and Rs 171 crore the previous
year," Prasad said.

The senior BJP leader said the "whole argument" of the
government that these companies were "bleeding" is not
correct.

PTI

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