The BJP yesterday warned the Union government against the proposed hike in petroleum prices and threatened to launch an agitation in case the government went ahead.
The party demanded that the government should return the money it took from the oil pool account to meet the deficit, and pointed out that the oil pool deficit was mainly because of this borrowing.
The logic for hiking petroleum prices to curtail the oil pool deficit is misplaced, as the same could be brought down by resorting to other methods of resource mobilisation, party spokesman Yashwant Sinha said.
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There was a need to review the policy of assuring a marked profit to petroleum companies, and making efficiency audits of companies dealing with petroleum products.
The government is not able to buy oil at a cheap price because of its commercial failure and failures of integrity on the part of those engaged in taking these decisions, Sinha alleged.
Sinha said he hoped that the Left parties, which had also publicly opposed an oil price hike, should stand by their commitment and prevent the government from taking this step.