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Our Bureau

New Delhi, Feb. 16 Reacting to the hike in petroleum and diesel prices, the chambers FICCI and PHDCCI said that the hike in petroleum and diesel prices would add to the inflationary pressures.

However, given the high level of international crude prices, some adjustments of the domestic retail prices had become inevitable as under-realisation on sale of petroleum, diesel and other products had reached the staggering level of Rs 71,808 crore.

“The Government could have implemented the Petroleum Ministry’s demand for reduction in excise duty on petrol and diesel by Re 1 per litre.

“This would have gone to an extent to resolve the rising distortion in the petroleum sector as, after all, it is the Government, which is issuing oil bonds to meet part of the difference between the sale price and international price at which the oil companies buy crude,” said FICCI in a statement here.

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