The price hike announced on Petrol, Diesel and LPG is on expected lines and was unavoidable said Mr K V Kamath, President, CII in a press release issued here today. The continued rise in global oil prices had necessitated this action from the government.
CII in its earlier press release suggested that the increasing burden of oil prices should be spread out between the consumers through a moderate price hike, the Government by reducing the indirect taxes on Crude Oil and petro-products and the oil marketing companies.
The reduction of customs duty and specific excise rate is a welcome measure and shows the government commitment to share the burden of increased global prices, said the CII President.
Prior to this hike, fuel prices were last raised in India in February 2008