Friday, June 20, 2008

Petrol prices hike a sensible decision

by Jo Black

The President of ASSOCHAM, Mr. Sajjan Jindal has welcomed the decision of the government to raise the prices of petrol and diesel by Rs.5 ($0.12) and Rs.3 ($0.07) a litre respectively, appealing to all stakeholders including political parties not to take undue advantage of the price rise.

The Chamber also welcomed the price rise in LPG cylinder by Rs.50 ($$1.25) saying that though it will have some inflationary impact on Indian economy the price rise had become absolutely unavoidable in view of sky rocketing crude oil prices globally.

Mr. Jindal said that as a result of the price rise, the Indian petroleum companies margins will not shrink to the anticipated extent as good sense has prevailed and the government effected the price rise.

Mr. Jindal further pointed out that its adverse impact would be on inflation as the price rise in petroleum products would have a cascading effect, but the time has come when each one of us should bear the burnt of the increased prices of petroleum products.

 

 

 

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