Economics demands oil price hike: Arif

Kolkata, Jun 05 (UNI) The oil price hike was "imminent" from the economic point of view, Indian Chamber of Commerce (ICC) secretary general Naseeb Arif said today.

"Taking into account the international oil prices its an issue of whether the cross subsidy will continue or the oil prices will be hiked to help the oil companies curtail its losses. From the economic point of view the price hike was imminent," Arif said.

Bengal National Chamber of Commerce and Industry (BNCCI) president Nayantara Pal Chowdhury said the price hike would affect essential commodities.

"It will also lead to hike in transport charges and may affect industrial growth," she said.

UNI TJP/JYN/BA/AKP2059