Fuel price hike will add to inflation: FKCCI

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Bangalore, Jun 5 (UNI) Though it was inevitable, the hike in the prices of petrol, diesel and LPG would lead to inflationary effect and rise in the cost of all commodities, affecting the common man, Federation of Karnataka Chambers of Commerce and Industry has said.

Reacting to fuel price hike, FKCCI President J Crasta said in a statement here today the price rise was inevitable as the government had to cut the losses of oil Companies.

''Now that the rice and wheat stocks are at comfortable levels, the increase in prices of petroleum products should to a certain extent be compensated,'' he said.

The government would have to see to it that the refineries and marketing companies of petro products join together so that the losses could be equally distributed, Mr Crasta added.

UNI RS GM 1355

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