Jaipur: Union Minister for Petroleum and Gas Ram Naik on September 10 said he favoured sharing 50 per cent of the profit from sale of oil and gas with the states from where the natural resources are exploited.

"I have always been a votary of sharing profit with the states having oil and natural gas resources," Naik told reporters.

He said a proposal to this effect was placed before the Union Cabinet, which decided to send the proposal to the Finance Commission.

Naik said he would plead with the Finance Commission for acceptance of the proposal.

Replying to questions regarding recent hike in prices of petrol and diesel, he said it was the result of escalation of prices in international market.

Although, he said, there were protests whenever there was any increase in petroleum prices, everybody keep silent when the prices are decreased.

PTI