New Delhi: Petroleum Minister Ram Naik on September 1 said the hike in petrol and diesel prices was "justified" given the hardening of global crude prices.

The revision is justified given the spurt in global crude prices, and the oil companies acted to maintain import parity, Naik told reporters on the sidelines of Indian Oil Corporation (IOC)'s annual day celebration.

The hike would not hurt consumer interest as essential consumer items like kerosene and LPG had been spared, he said.

In net terms following the downward revision in petrol and diesel prices effected in May-June, petrol and diesel prices were still lower by Rs 1.09 and 1.89 per litre respectively in Delhi despite the hike, he said.

He said the revision would not adversely affect the political fortunes of the government as consumers understand the compulsions.

Naik attributed the hike to a number of external factors including the situation in Iraq, increased oil consumption by US and turmoil in Venezuela.

Asked about the future trends in oil prices, Naik said that global prices are expected to rise in the days ahead as winter approaches and consumption increases in Europe and USA.

PTI

Petrol, diesel prices hiked by upto Rs 2.28