Pranab to explain need for petrol price hike

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A day after the Prime Minister ruled out any roll back in petrol prices, Union Finance Minister Pranab Mukherjee on Saturday said he will explain the reasons behind the hike and expressed hope that the differences with ally Trinamool Congress on the issue would be mended soon.

"So far as oil prices are concerned, I will later explain why the oil marketing companies had to take this step," he told reporters at his residence here.

On TC's threat to walk out of the coalition on the issue, he said, "I have come to know that our valued partner (TC) is aggrieved. They will meet Prime Minister Manmohan Singh and I hope the issue will be resolved."

TC chief Mamata Banerjee had yesterday slammed the Centre for increasing petrol prices without taking UPA allies into confidence.

The party had adopted a resolution to quit the coalition on the grounds that it was kept in the dark and its ministers were not informed of vital issues.

"What is the importance of remaining in the ministry if we are not heard and silenced in the cabinet," the resolution said.

Banerjee later modified the resolution and said TC would seek an appointment with the Prime Minister when he returns after attending the Cannes G-20 summit.

Besides TC, other UPA allies like the DMK and NCP have also condemned the petrol price hike.