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Our Bureau

New Delhi , Sept. 6

THE industry chambers have said that the hike in the petrol and diesel prices is justified, as it was long overdue.

While accepting the inevitability of price hike announced on Tuesday by the Minister of Petroleum, the Confederation of Indian Industries has urged the Government to take the whole issue of hydrocarbon pricing out of the political arena.

However, the chamber added, that the industry will continue to face an avoidable uncertainty because the price increase falls significantly short of the level required to offset the global oil price rise.

The Federation of Indian Chambers of Commerce and Industry has also said that the price hike was unavoidable and the quantum of increase in the prices of fuel is reasonable in the light of the huge loses suffered by oil marketing companies.

The chamber pointed out that with this round of price revision, the Government has attempted to address the issue of losses to oil public sector undertakings and provided a cushion to LPG and kerosene users.

The Associated Chamber of Commerce and Industry of India said the hike was nominal, and was long overdue in view of skyrocketing crude oil prices internationally. The burden that has fallen on oil marketing companies on account of high crude oil prices should also be borne by the public.

The chamber complimented the UPA Government for keeping the prices of LPG and kerosene untouched.

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