Jaipal Reddy has been appointed as a new petroleum minister. He said that changes in the individual will not bring major alterations.

Previously Murli Deora was the petroleum minister and this replacement has made Jaipal Reddy morally and politically accountable for all the policies and decisions which were taken by him. There should be a continuity but with certain changes.

He also said that if international crude oil prices continue to twist then consumers have to bear the burden with no other means available.

Reddy said that at present India is growing at 8%-9% but our requirement for fuel is also growing at much faster pace. 75% of the crude oil is imported and international prices of oil are increasing so we cannot expect anything pleasant is such situation.

When he was asked about the hike in prices of diesel, he replied that it is not the decision taken by any cabinet minister; it is a joint decision which is taken by the cabinet. But he made clear that burden has to be shared by all mutually.

Another certain challenge which needs to be managed is inflation. Inflation is the next unavoidable outcome of the increase in fuel prices.

Reddy further said that every government hassle to improve the self-sufficiency so with change in the minister does not change the objective. Previously Mr. Deora was all concerned with the rise in fuel prices and so do I also.

At present, the oil marketing companies (OMCs) - Indian Oil, Bharat Petroleum and Hindustan Petroleum are facing revenue losses. They are incurring a loss of Rs 6.80 on every litre of diesel, Rs 18.66 on every litre of kerosene and Rs 366 per cylinder on domestic LPG. Since June 25, prices of diesel, kerosene and LPG have not been increased and subsequently these companies are inviting losses.

The Union government is being insisted by state government to remove the import duty of 5% on petroleum products which was introduced two years ago. The state government also recommends that excise duty should be imposed at a flat rate.

The opposition is arguing on the potential of an economist Prime Minister. They are questioning the ability of Prime Minister as he failed to check the rise in prices.

But PM has said that prices will stabilize in March but people have to understand that certain issues are beyond the control of any government.