Insulate people from effects of petroleum price hike: BJP

New Delhi, May 31 (UNI) As the government is all set to raise the petroleum prices after the crude oil prices piercing the skies, the BJP today said the Indian economy was resilient enough to cushion the commonman from suffering.

BJP spokesman Ravishankar Prasad said his party did not favour any harsh measures against the commonman and pointed that the revenue earnings stood at a record Rs 2.30,000 crore, and in the agricultural production the country was expecting a bumper food grain production during the year.

Such being the case, the government can take steps to protect the commonman from the vagaries of petroleum prices in international oil market. All that is required is proper and effective management of resources. The prices may have swung violently from 30 to 130 US dollars, but the exchequer too had benefitted from the increased revenues from Customs, Excise and other tax instruments. These revenues have to be managed prudently to help the commonman, Mr Prasad argued.

UNI MCN/KAS PY KN1700