"There should be an effective mechanism to control price rise. The Centre needs fo constitute a National Price Stabilisation Fund or formulate a Price Stabilisation Policy to neutralise price rise," BJP leader Rajnath Singh told reporters here.
"The Centre should also explain what steps it has initiated to neutralise and lessen price rise as it claims to have identified the reasons behind sky-rocketing prices of commodities," the former BJP president said.
Dubbing the UPA government as a failure on economic front, Singh said the recent hike in petrol prices had dealt a body blow to common people as the prices were raised for seventh time in past 13 months.
The government claims that the hike in crude price in international market had led to rise in petrol price, he said adding even after that the price of petrol in India should not have exceeded Rs 45 per litre.
Despite fluctuation in oil price in international market, petrol is still being sold in neighbouring China and Pakistan at much lower rates than in India, Singh said.
"It gives a clear indication that the UPA government is worried about the profit of petroleum companies, but it has shown no concern for the common people of the country," the BJP leader said.