New Delhi, May 15 (IANS) The Confederation of All India Traders (CAIT) on Friday termed the Rs 3 per litre increase in petrol and diesel prices a 'measured and responsible decision' aimed at ensuring an uninterrupted fuel supply and maintaining economic stability amid prevailing global uncertainty.
Reacting to the fuel price hike, CAIT Secretary General and BJP MP Praveen Khandelwal said the decision must be viewed in the context of ongoing geopolitical tensions and disruptions in global crude oil markets.
He said wars and geopolitical conflicts in different parts of the world have severely impacted global crude supply chains, leading to higher prices and increased uncertainty in energy markets.
“Since India imports a substantial portion of its crude oil requirements, fluctuations in international crude prices inevitably influence the domestic fuel economy,” Khandelwal said.
He stated that the Rs 3 per litre increase appeared to be a calibrated step aimed at maintaining uninterrupted fuel availability and safeguarding economic stability during a period of global volatility.
“Artificially controlling fuel prices for a prolonged period could put excessive pressure on public finances and oil marketing companies, which may adversely affect the overall economy,” he added.
Khandelwal further said the government has consistently attempted to protect consumers by maintaining balanced fuel prices and extending relief measures whenever possible.
"In the present scenario, a limited increase is understandable and necessary to safeguard the nation’s energy security," he said.
Moreover, the CAIT acknowledged that higher fuel prices could have some impact on transportation and logistics costs but stressed that citizens and businesses should support decisions taken in the larger national interest during challenging global conditions.
"India’s economic resilience and energy stability are of utmost importance. Temporary adjustments made with a long-term vision will strengthen the country’s capacity to face global challenges with confidence," Khandelwal added.
--IANS
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