"The hike was unavoidable, and the quantum increase is reasonable in the light of huge losses suffered by the oil marketing companies," Onkar S Kanwar, president of FICCI, said.
Referring to the cascading effect on sectors like agriculture and transportation industry, K N Memani, president of PHDCCI, said: "It might have repercussions on the competitiveness of India's industry and the economy".
Memani has also suggested formulating a suitable policy to ensure stability of energy prices in the country.
