New Delhi, Jan 14: The CPI(M) today denied media reports suggesting that the Left had given its consent for increasing the fuel prices, saying it was strongly opposed to any hike in the prices of petroleum products as the Centre had collected Rs 40,000 crore more than budget estimates through ad valorem taxes.
In a statement here, CPI(M) politburo said any hike in the fuel prices would further add to the burden of the people at a time when they were already suffering from the spiralling prices of essential commodities. Several newspapers had reported today that the hike in petrol and diesel prices and possibly also LPG looked certain with the Left leaders agreeing to a marginal increase in prices of petroleum products and duty cuts.
''The CPI(M) politburo denies any such consultation having taken place or giving its consent for such a hike. On the contrary, the CPI(M) has been consistently opposing any hike in the prices of petroleum products,'' it said.
The party further said it was estimated that the central government had collected Rs 40,000 crore more than the budget estimates through ad valorem taxes.
''If this amount were returned to the oil companies, the necessity of increasing the prices of petroleum products will not rise,'' the statement added.
It said the CPI(M) was opposed to any hike in the prices of petroleum products.