Petroleum Minister, Jaipal Reddy has said that there is need to increase petroleum prices and the decision would be taken after consulting all the political parties.

Speaking to reporters in Amritsar, today, the petroleum minister said the petro companies had bore the brunt of 72 thousand crores as the rupee has further plunged to all time low as compared to US dollar. Earlier it was 46 rupees to a dollar which has increased to 55 rupees per dollar.