New Delhi: Amidst the much hue and cry created by the Opposition over the soaring prices of petro products, the Union Government has categorically maintained that no respite from pinching of skyrocketing prices seems to be in the offing.

In a blatant response to the Opposition, Finance Minister Pranab Mukherjee said the possibilities of slash in prices of petro products appeared unlikely in near future.

During a discussion in Lok Sabha, Mukherjee has hinted that the government may review to withdraw the subsidy being given on diesel used in cars.

Highlighting the country’s dependence on the international market, Mukherjee pointed out that 75 percent of the total petro-products in India are imported from foreign countries. He further stated that under such situation, the price of petro products in the country largely depends on the fluctuating rates in the international market.

In fact the government has already taken back the subsidy on petrol. Now, the government may take a similar stand for diesel being used in cars. He further said that out of total consumption of diesel, 15 percent is consumed by the cars.

While talking about taking back subsidy on diesel, the Finance Minister said, “We are planning a mechanism under which diesel car owners especially those who were using their vehicle for commercial purpose are deprived of subsidy.”

Earlier, JD (U) MP Sharad Yadav had put up a demand that price of diesel generally used in mobile towers and cars should be hiked.

It should be noted that the government is already giving a subsidy of Rs 6.08 per litre of diesel.

It is noticeable that while petrol is being sold at market rate, the government has to compensate the petrol companies for the loss faced in selling diesel at subsidized rates.

Mukerjee clarified that out of total consumption of diesel 10 percent is consumed by industries, 6 percent by the Railways, 12 percent by agricultural sector, 15 percent by car owners, 12 percent by buses and 37 percent by truck operators.

Mukherjee clarified that the government is worried over soaring inflation and striving hard to control it. He further said that the Centre is trying hard to bring the inflation down to five percent which is pegged at eight percent currently without compromising with the pace of development.

Mukherjee informed the Parliamentarians about the efforts being made to checkmate inflation, but did not reveal future strategies of the Centre on this issue.

The government proposal on inflation was later approved with a voice vote. However, the claims of Mukherjee failed to convince BJP leader Yashwant Sinha.

However, the Bill was passed with a voice vote later on but the clarification made by the Finance Minister Mukerjee could not satiate Yashwant Sinha. Meanwhile, the Bahujan Samaj Party and Samajwadi Party Parliamentarians staged a walk out from the House proceedings.