CAIT denounces petro price hike

New Delhi, Jun 4 (UNI) The Confederation of All India Trades (CAIT) today criticised the hike in petrol and diesel prices and said it will have a gestating effect on prices of other commodities.

CAIT president B C Bhartiya said the abnormal price of petrol, diesel and LPG was unjustified as it will add to uncontrollable inflation and put heavy financial burden on the pocket of consumers and prove to be detrimental to the interest of trade and industry.

Instead of hike in prices, the government should have restructured its taxation system and absorbed the hike in international prices by directing states to lower down the high rate of VAT taxes and various other levies on petroleum products, said Mr Bhartiya.

The price hike will result into high cost of transportation and will have a negative effect on several other sectors which combining together will make the commodities costly not only in the domestic markets but even the Indian goods will lose their competitive edge, he added.

UNI AN SP RAI2022