Petrol prices should be determined by market forces

Chennai, June 13: Janata Party President Subramanian Swamy today said the prices of fuel should not be fixed by the Central government, but be determined by market forces.

Talking to reporters here, he claimed that as per his calculations the retail price of petrol should be only Rs 18.71 a litre.

Demanding immediate rollback of the hike in petrol and diesel prices, he said if global oil companies were allowed to compete in the Indian market, these prices would come down substantially.

'It will not be more than Rs 20 per litre, he added.

It was being sold at the rate of Rs 53 per litre after adding all taxes. The government should reduce customs and excise duties and taxes to ensure petrol was available at Rs 30 per litre, he said.

UNI

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