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Madurai, Dec. 1

Sattur Chamber of Commerce and Industries has made a plea for a reduction in the price of petrol. In a letter addressed to the Prime Minister, Dr Manmohan Singh, the Chamber Secretary, Mr P.K.A. Balsubramanian, said that the reduction in the price of aviation turbine fuel (ATF) was a welcome measure. Crude oil price that rose to $147 per barrel is now reduced to $48.4 per barrel. When the price of ATF is reduced, the petrol price also needs to be reduced. With the decline of about 60 per cent in the oil rate at the global level, the refusal to reduce the prices of diesel and petrol is dissatisfying. The rupee value is allowed to depreciate against dollar, draining the reserves in foreign exchange, he pointed out.

— Our Bureau

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