Senior BJP leader Ram Naik addresses a news meet at the party office in Patna on Thursday. Picture by Ranjeet Kumar Dey

Patna, April 21: Criticising the Congress-led UPA government at the Centre for its failure to check skyrocketing prices, former petroleum minister Ram Naik today suggested Prime Minister Manmohan Singh to come out with a concrete policy on petroleum products, which has a significant role in price rise.

The senior BJP leader, who was in the city to review the preparations for the two-day training camp for MLAs and MLCs on May 7 and 8 in Gaya, said: “The week bygone recorded the highest inflation rate in 16 years. It shows the government has failed to check spiralling prices. Prime Minister Manmohan Singh should demonstrate courage and political will to formulate a petroleum policy.”

The policy, among other measures, would incorporate the provision to reduce the import and excise duty imposed on petrol and diesel to half of the existing rates to lessen the cascading effect on prices, Naik said. At present, petrol prices have 50 per cent component of import duty, excise, sales and octroi whereas diesel prices include 33 per cent such taxes, Naik said.