Crude oil price rise matter of concern: FM

Finance Minister P Chidambaram today said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products.

"Yes, rising crude prices is a matter of grave concern... it is entirely for the Ministry of Petroleum to propose that (an increase in domestic fuel prices) and seek a view on this," he said.

Chidambaram was responding to a question if the rise in crude oil prices warranted an increase in petrol and diesel prices.

Crude oil prices have touched a record $78 a barrel this month and India imports more than 70 per cent its crude oil requirement.