CPM to oppose any hike in oil prices: Yechury

Bhubaneswar, Jan 4 (UNI) CPM Politbureau member Sitaram Yechury today asked the UPA government to rationalise the tax structure before implementing any hike in the oil prices in view of the steep hike in crude oil prices in the international market.

Talking to newspersons here, Mr Yechury said the sudden hike in oil prices, to the tune of USD 100 per barrel, would certainly increase the burden on the oil companies in the country.

''We have asked the Centre to face the situation by rationalising the tax structure on petroleum products. We cannot accept any hike in the oil prices until the government rationalises the tax structure,'' he remarked.

Mr Yechury said the Union Finance Minister had projected the profit in the budget from the petroleum products, adding that whatever extra profit or bonanza the Centre would receive from the hike on account of the tax, should be given to the oil companies to lessen the burden on the consumers.

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