STOCK MARKET BSE NSE

UPA flaws pushed up fuel rate: Jaya

Published: 01st September 2013 08:17 AM  |   Last Updated: 01st September 2013 08:17 AM   |  A+A-

Strongly condemning the latest round of hikes in the prices of petrol and diesel effected from the midnight of Saturday, Chief Minister J Jayalalithaa demanded their immediate withdrawal as they would adversely affect the poor and middle class people.

“The fuel price hike comes a day after Prime Minister Manmohan Singh admitted that the inflation rate was indeed high.

Today’s hike would only aggravate the inflation, which in turn would have a cascading impact on the prices of essential commodities,” Chief Minister Jayalalithaa said, here in a statement.

She said hiking the fuel price citing the fall in the value of rupee against the US dollar and the geo-political reasons could not be accepted and blamed the knee-jerk reactions of the UPA government for the fall in the value of the rupee.

In this connection, Chief Minister Jayalalithaa recalled the view of former Reserve Bank Governor Subbarao that the basic reasons for the fall in value of the rupee were domestic structural factors. 

“Until the Central government takes steps to rectify these domestic structural factors, the government cannot stem the rupee’s fall.

“At least from now on, the Centre should initiate efforts to set right these issues,” Jayalalithaa said.

Chief Minister Jayalalithaa also reiterated her view that the Central government should revisit its present policy for fixing oil prices based on the crude oil price in the international market. This policy would only pave the way for oil companies earning more profits and not benefit the common people.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp