The Finance minister, Pranab Mukherjee has said it is the collective responsibility of the political leadership both at the centre and the states to ensure that the impact of the rising prices is minimised specially for the vulnerable sections of society. Replying to a motion on inflationary pressure on the economy and its adverse impact on the common man in the Lok Sabha, Mr Mukherjee said unless coordinated efforts are made in this regard, it will be difficult to achieve this objective. With regard to increase in prices of petroleum products, the finance minister said that petroleum is the revenue yielding sector for both the centre and the states. He said 34 per cent of the revenues in the states come from this sector. Therefore, he said, the tax reforms for petroleum and other sectors are necessary. He sought the cooperation from the House in passing the proposed amendment bills on the implementation of GST and the direct tax code. Mr Mukherjee also emphasised the need for increasing the production of pulses and edible oils. The finance minister was continuing with his reply in the House when the reports last came in.