No rollback in petrol diesel price hike: Veerappa Moily

Petroleum and Natural Gas Minister M Verrappa Moily on Monday ruled out a roll back in the Rs 1.50 a litre hike in petrol and 45 paisa per litre increase in diesel rates. According to Moily, only small raise has been passed on to consumers. When asked if the government will consider rolling back last week's increase, the minister replied, "No, No. Our country imports 73-75 per cent of oil. We need to pay Rs 7 lakh crore for the imports. Where do we find that kind of money," said Moily.