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We've enough petro product reserves: Naik

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IN the backdrop of the threat of a war in the sub-continent, the Petroleum Minister, Mr Ram Naik, on Friday said that there were enough petro product supplies to face any eventuality.

Addressing a seminar organised on oil security by the Tata Energy Research Institute (TERI), Mr Naik said: "We have enough supplies to face any eventuality. There will not be any shortage''.

India maintains 45 days of petro product reserves in storage terminals and pipelines at any point of time, besides crude oil to meet 15 days of refining requirement.

On the losses being incurred by the public sector oil marketing companies due to non-revision of retail prices in the wake of high crude prices, Mr Naik said, "Currently, the public sector undertakings are marketing petroleum products in the country. They have enough profits to sustain losses. They have on their own decided not to raise prices in the interest of consumers."

`No decision yet on price rise'

Mr Ram Naik will be shortly discussing his case for a cut in excise duties as well as a rise in petro product prices with the Finance Minister, Mr Yashwant Sinha, and the Prime Minister, Mr A.B. Vajpayee.

Speaking to presspersons on Friday, Mr Naik said that so far no decision had been arrived at and the extent of price rise would require to be discussed with the Prime Minister and the Finance Minister.

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